Bankruptcy law reform takes effect in one week and will effect many Americans, making it harder than ever to file. Many Americans are turning to debt consolidation as an alternative. As the growing need of debt consolidation services rise, so does the amount of illegitimate debt consolidation lenders and companies.
(PRWEB) October 11, 2005 -- Consumer debt in the United States has reached staggering levels. It has risen from $1.5 trillion in 2000 to $1.98 trillion in 2003 while sharply increasing to the tune of $10 trillion in 2005. This astronomical and growing debt is placing an increasing amount of final strain on millions of Americans.
Bankruptcies,lay-offs, unmet financial obligations, and lower retail spending levels are all direct and indirect results of a nation under too much financial strain. Options to get from under financial strain has become more difficult with the upcoming changes to the bankruptcy laws. Beginning October 17, 2005 any individual who wants to file for bankruptcy must take an approved financial counseling course within six months prior to filing. Dependent upon whether an individual's monthy income is more than the median income in his/her state determines whether an individual is able to file for chapter 7 or 13 bankruptcy. Lastly an approved financial management course must me taken in order to recieve a discharge.
However, though there are multiple, readily available ways to reduce debt and lift the strain, without filing for bankruptcy. When determining a applicable solution to becoming debt free, one must keep in mind the type and amount of debt that one is currently subject to. In most cases consolidating debt or obtaining a debt consolidation, equity loan, can be an easier and less expensive option, when compared to filing bankruptcy.
With the growth of debt consolidation firms, choosing the right firm has become very difficult. Many of these firms are into all sorts of illegal activity and give false hopes by promising services that they either can not or do not perform. Before one utilizes any debt consolidation service it is critical that due dilligence is performed to determine one's availiable options and rights. The reputation of the firm should also be closely examined to ensure that the company is in fact, designed to act in your best interests.
One website has made this work much easier. The debt consolidation services and companies listed on this site are top level companies that are reputable. Avail the help of this free debt consolidation directory and choose the right firm to begin the journey towards a debt free life.
Visit http://www.MegaMarketInc.com to have immediate access to reputable debt consolidation and home equity loan consolidation companies.
http://MegaMarketInc.com is based in Lees Summit, Missouri. Up to date information regarding bad credit loans can be obtained at, http://badcreditloansources.blogspot.com
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