July 28, 2005
Credit Card Debt Causes Housing Bubble Burst!
Credit Card Spending’s Impact on New Jersey Mortgage Foreclosures and Sheriff Sales
Cranford, N.J. (PRWEB) July 22, 2005 -- Just about everyone in foreclosure has high interest/high balance credit card debt. So what? It’s going to get worse!
Most families, living from paycheck to paycheck, have historically resorted to credit card purchases for big ticket items such as televisions, computers, or gourmet barbecue grills.
Post Sale Housing Counselors at the Special Care Group are concerned because we’ve seen that credit cards are now being used for routine purchases of staple goods including groceries, disposable diapers, prescription medication, the payment of utility bills, and now gasoline.
In the wake of recent changes to the US Bankruptcy Code, MBNA, Citibank, and Bank of America announced they were raising the minimum monthly payment requirement on credit card balances. In some cases, required payment will double, and it’s certain that other lenders will soon follow. What’ll happen if the Borrower misses or is late with the minimum monthly payment? For one thing, the penalty for missed or late payments on some credit card accounts can trigger late fees, and/or an interest rate hike to 28% or more... Already strained household budgets must endure an impending budgeting nightmare. These insidious changes to credit card debt will become proximate cause to an increase in mortgage loan default. Talk about tightening the screws!
The American Dream is owning your home. The American Nightmare is when your home owns you! For New Jersey families that face the loss of their home to mortgage or tax foreclosure, Special Care Group is pleased to announce it’s new educational website @ www.SpecialCareRealty.com.
Financially distressed homeowners are encouraged to view Special Care Group’s “NJ Preforeclosure Tutorial” and are invited to request an Evaluation and Recommendation Report prepared by a recognized authority on loss mitigation techniques, who is also a contributor to, “NJ Preforeclosure Primer: Half Truths and Outright Lies!” This informative book pertains to properties in the early stages of foreclosure, right up to the sheriff sale or sheriff auction.
Special Care was formed in response to, and as a solution to the identification, then solution to financial problems and other entanglements that precede the forced sale of mortgaged property.
For additional information, or to request a complimentary copy of “Half Truths and Outright Lies!” call 1-866-999-4SCR (4727)
Cranford, N.J. (PRWEB) July 22, 2005 -- Just about everyone in foreclosure has high interest/high balance credit card debt. So what? It’s going to get worse!
Most families, living from paycheck to paycheck, have historically resorted to credit card purchases for big ticket items such as televisions, computers, or gourmet barbecue grills.
Post Sale Housing Counselors at the Special Care Group are concerned because we’ve seen that credit cards are now being used for routine purchases of staple goods including groceries, disposable diapers, prescription medication, the payment of utility bills, and now gasoline.
In the wake of recent changes to the US Bankruptcy Code, MBNA, Citibank, and Bank of America announced they were raising the minimum monthly payment requirement on credit card balances. In some cases, required payment will double, and it’s certain that other lenders will soon follow. What’ll happen if the Borrower misses or is late with the minimum monthly payment? For one thing, the penalty for missed or late payments on some credit card accounts can trigger late fees, and/or an interest rate hike to 28% or more... Already strained household budgets must endure an impending budgeting nightmare. These insidious changes to credit card debt will become proximate cause to an increase in mortgage loan default. Talk about tightening the screws!
The American Dream is owning your home. The American Nightmare is when your home owns you! For New Jersey families that face the loss of their home to mortgage or tax foreclosure, Special Care Group is pleased to announce it’s new educational website @ www.SpecialCareRealty.com.
Financially distressed homeowners are encouraged to view Special Care Group’s “NJ Preforeclosure Tutorial” and are invited to request an Evaluation and Recommendation Report prepared by a recognized authority on loss mitigation techniques, who is also a contributor to, “NJ Preforeclosure Primer: Half Truths and Outright Lies!” This informative book pertains to properties in the early stages of foreclosure, right up to the sheriff sale or sheriff auction.
Special Care was formed in response to, and as a solution to the identification, then solution to financial problems and other entanglements that precede the forced sale of mortgaged property.
For additional information, or to request a complimentary copy of “Half Truths and Outright Lies!” call 1-866-999-4SCR (4727)
# posted by Sponduliqs @ 8:16 AM 
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Hi there Sponduliqs, I was searching for stop mortgage foreclosure and came across you post. While Credit Card Debt Causes Housing Bubble Burst! is not an exact match for what I was looking for, it was worth the read and the information is appreciated. I will continue to search for more information on stop mortgage foreclosure but I thank you for the effort and hope that you keep up the good work.
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