With all the financial turmoil that has been caused by the recent economic recession, it isn’t surprising that consumers are struggling with their debt in unprecedented numbers. The free-spending, easy-credit environment of the years preceding the recession has given way to high unemployment and underemployment, a floundering housing market, restrictive lending guidelines and millions looking to pay down their debt rather than spend. The loss of income and inability to qualify for new loans have left consumers buried with high interest credit card debt that in far too many cases will require decades to pay off, given their current repayment capacity and the seemingly dismal prospects looking forward.
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