As Washington continues to spend billions bailing out banks and corporations, little is being done to help consumers drowning in credit card debt. Even the credit card bill of rights, recently passed by Congress, will do little to help consumers already being pressed to the brink. With the number of credit card defaults spiraling out of control consumer relief is a must.

Some people continue to make these minimum payments under the misconception that this will maintain or preserve their credit rating. The reality is credit card companies are now looking at a consumer’s total debt, not credit scores as the means to extend future credit. As an example many consumers who have never missed a payment are now having their cards reduced or cancelled.
 
Many families now find themselves struggling to make their minimum payments every month, barely reducing their balances and feeling hopeless about ever getting out from under their debt. By some experts’ calculations, it will take many people over more than 30 years to pay off their credit cards if they only make minimum payments.
 
Bankruptcy may not be a good option
 
When you declare bankruptcy your credit rating usually takes a major hit, making it harder for you to get credit in the future. You may also end up paying more for things like car insurance and other services that take your credit score into account when determining your coverage costs. In addition, some employers may not hire a job applicant with a bankruptcy on record, increasing the financial hardship caused by debt.
 
Little-known programs do exist to help consumers slash their debt
 
One company, Elite Financial Services, offers consumers an alternative to filing bankruptcy by helping consumers settle their debts with creditors. The company’s success is due to its substantial industry experience, as well as longstanding relationships with creditors.
 
Unlike nonprofit credit counseling companies, who work for the creditors, Elite Financial Services works on behalf of people who are burdened by their unsecured debts (debts not linked to property that could be repossessed). The key difference is that nonprofit companies work to find a figure that creditors are happy with, while Elite Financial Services works to secure a settlement that has the consumer’s best interest in mind.
 
Keep more cash in your hand within 24 hours and save up to 50 percent
 
Elite Financial Services has helped thousands of people settle their outstanding debts by negotiating lower payoffs with creditors. Although individual results can vary, Elite Financial Services estimates most savings up to 50 percent. Essentially, Elite Financial Services works out a payment structure that is in line with each client’s unique financial needs.
 
Consumers can enroll multiple debts into the service as well. If you are buried in credit cards payments, utility bills and other debts, you may be able to take advantage of this company’s services if your total debt exceeds $10,000.
 
Free consultation with a certified debt specialist
 
Elite Financial Services has a staff of certified debt settlement experts that you can speak with confidentially. They will quickly assess your debt challenges and inform you of all the options available to you, and the phone call is absolutely free.
 
For more information on how you can effectively eliminate over half of your debt visit livedebtfree.net for a risk-free consultation.

*Service not available in WI, KY, GA, WV, HI, KS, IL, MO, NH, ME, CT, ID, OR, UT, SC, MS, LA, ND, CO, DE, KY, MT, NJ, RI, VT, WY