New program can cut credit card debt by 50 percent

(ARA) - 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. Credit card defaults are up 45 percent and 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 canceled.

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.

Little-known programs do exist to help consumers slash their debt

One company, Preferred 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, Preferred 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 Preferred Financial Services works to secure a settlement that has the consumer's best interest in mind. In fact, clients of Preferred Financial Services get out of debt and restore their good credit faster than credit counseling or bankruptcy.

Keep more cash in your hand within 24 hours while saving more than 50 percent

Preferred Financial Services has helped thousands of people settle their outstanding debts by negotiating lower payoffs with creditors. Although individual results can vary, you can expect to save at least 50 percent, sometimes more. Essentially, Preferred 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.

Free consultation with a certified debt specialist

Preferred 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.

With professional help from Preferred Financial Services, you can put money back into your pocket and begin living without the stress of credit card debt. Log on to www.PFSDebtRelief.com to find out how. Service not available in: Georgia, Ohio, Wisconsin, Minnesota, Kentucky, Hawaii, West Virginia, Illinois and Kansas.

Sponsored content provided by Preferred Financial Services. Copyright ARAnet, Inc.