What Credit Card Companies Are So Worried About?
Credit debt settlement programs are not only beneficial for consumers but also for credit card companies. Since recession is increasing and people are facing difficulties in making repayments, the bankruptcy ratio is increasing day by day. Consumer bankruptcy is a total loss for Credit Card Companies and they are making some ways to collect their money from consumers. The laws of a country protect the consumer from creditors if he declares himself bankrupt. Once a person is approved insolvent, no one has the right to ask for the repayment of loan from him. This protection is not in the favor of credit card companies and this is the reason they are worried about it. Credit debt settlement programs are getting popular day by day because not only consumers are opting but financial institutions are also supporting these programs because of the bankruptcy fear. According to these programs, before filing for bankruptcy, a consumer must negotiate with his creditor to reduce his outstanding ba
