Debt
Settlement Texas
Texas homeowners are squeezed out
of options to manage unbearable debt
Houston, Texas, December 11, 2007
-- Nationwide home equity lenders
have produced a serious “cash cow”
in funding consumer spending. According
to the Federal Reserve Board, “homeowners
have about $10 trillion in home equity available.”
But a massive home equity tapping frenzy
has led to a national mortgage-lending crisis.
And credit deficient Texas borrowers seem
down on their luck searching for other resources
to finance their debts.
Despite lacking sustainable incomes to
support their finances, borrowers have risked
their homes and credit scores in exchange
for high-risk, easily obtainable and seemingly
attractive debt consolidation loans. However,
the rampant lending has converted peoples’
homes into ATM machines, repeatedly paying
down credit card balances or funding non-essentials
like holiday shopping, home improvements,
and family vacations.
In 2005 alone, consumers received nearly
$144 billion in home equity lending to pay
down non-mortgage debt. Based on a study
by former Federal Reserve Chairman Alan
Greenspan, these estimates are almost twice
as high as the total lending for repayment
of consumer credit balances in 2002.
The above study also shows that every
year after 1995 to 2005, home equity loans
have financed a greater number of consumer
expenses. In 2005, the "equity extraction"
from a home sale, home equity loan or line
of credit, and cash out refinancing generated
$1.4 trillion.
The frivolous tapping out of equity and
declining housing values have given borrowers
growing concerns over loan defaults and
tighter lending terms. These concerns are
also rooted from a variety of factors from
drops in household income to steeper living
expenses and gas prices to a lesser availability
of mortgage lending resources.
Toughened mortgage lending has also leaned
debt-relief seekers toward utilizing their
credit cards, ironically a greater evil
in many cases due to their high interest
rates, annual fees, cash advance fees, late
fees, and over-the-limit fees. Thus it’s
no wonderment that more and more Texas debtors
are now resorting to debt settlement. This
debt elimination approach helps people ease
the pressures and mental anxieties of financing
mounting debt through their equity or credit
cards.
Compared to the other choices, “debt
settlement can deliver enormous debt elimination
results”, proclaims Eric Santacruz,
Vice President of Debt Free League, a San
Diego-based national debt settlement company.
The company has helped many Texas clients
to avoid bankruptcy and foreclosure. “Texas
is one of the best states for our Debt Liquidation
Program”, exudes Mr. Santacruz. Due
to the state’s economy and flexible
consumer laws, the debt settlement program
has enabled many Texas
debt settlement clients simplify their
finances and payoff troubling personal,
medical, and business debts.
The Debt Free League
debt
settlement program is ideal for residents
of Houston, Dallas, San Antonio, Austin,
El Paso, Fort Worth, Arlington, Corpus Christi,
Plano, Garland, and other cities in Texas
that are in need of debt relief. Aside from
a more affordable payment, the average Texas
debt settlement client repays as little
as 50 percent of what they owe. They’re
also “debt-free” in as little
as 24 to 36 months.
Debt Free League provides
a free no-obligation Debt Evaluation plus
no credit check or home ownership is required
for their Debt Liquidation program. You
may qualify for the program if you owe $5,000
or more in unsecured debt, mainly credit
cards, medical bills, collection accounts,
and uncollateralized business debts.
About Debt Free League
Debt Free League is a Debt
Settlement organization that works on behalf
of consumers and small businesses to negotiate
the settlement of unsecured debt. Working
through key relationships with creditors,
collection agencies, and collection attorneys
throughout the country, their Debt Liquidation
Program has produced substantial unsecured
debt reductions and a variety of credit
improvement benefits for many clients.
For more information, Contact
Debt Free League’s Web site at www.debtfreeleague.com
Contact:
Sales
sales@DebtFreeLeague.com
(800) 213-9968
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