The Credit Card Crunch is not only here but growing.
According to a recent article in Reuters, nearly 500 Billion dollars in available credit card lines was reduced in the 4th quarter of 2008. And that’s just the start. Estimates are another 2 Trillion will be reduced this year with a potential 2-3 Trillion in 2010.
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I was recently asked about the difference between our debt elimination program, the Financial Compass, and using a debt settlement program or a cash out refi.
We’ll first compare our program to settlement and then to the old standby method of paying down debt involving a cash out refinance for a homeowner.
More on The difference between the Financial Compass and Debt Settlement programs.
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