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Although the devestation and crisis of the mortgage industry accounts for a gigantic piece of the debt across our country, credit cards are just as accountable. Credit card debt has been climbing for decades and is only getting out of control during a time like this. For the first time, debtors were made to charge away, primarily due to the crumbling of the job market. Many consumers are getting by because of their credit cards. Unfortunately, that will simply go on for so long before it puts your back against the wall. Many debtors find themselves stealing from Peter to pay Paul by paying one credit card bill with the next. Credit card debt relief is an extremely slow procedure, no matter which method you choose.

The lending organizations are really struggling presently and as a result are passing down their headaches on to the everyday consumer. They are minimizing credit lines, jacking up interest rates, and backing off on giving out credit all together. This is constructing a gigantic problem for all of us who carry credit cards and use them for every purchase. I feel like my credit cards are becoming heavier and heavier each time I go to charge them because of the never ending rising interest rate. Even if I had the desire to do a balance transfer, I cannot because the other institutions offering reduced rates aren’t allowing them currently. So I’m wedged charging the cards I’m already currently depending on, at a high APR. It’s getting to the condition that I may need to let the debts go past due and retain a debt relief company to make a deal on the debt. I was good paying on the cards prior to this financial catastrophe, before the banks were tying my hands together.