The latest financial news is focusing on credit cards, and in particular, the fact that President Barack Obama plans to crack down on deceptive industry practices. Even the local nightly news stations are trying to assist consumers by running stories on how consumers can persistently call the card companies and get their interest rates lowered. The bottom line is that factoring companies can help in the meantime.
Apparently, continuing up the chain to speak with supervisor after supervisor at your credit card companies can help reduce your debt and possibly lower the interest rate. Percistance is key. U.S. consumers have huge debts and soaring interest rates, U.S. officials said. The Senate and House of Representatives are considering a credit card “bill of rights” that would limit the ability of credit card companies to raise interest rates on existing balances and require greater disclosure of terms.
However, until the rules are changed, another solution to assist consumers in getting out of credit card debt is to simply pay down, or pay off the cards with the highest interest rates. Using single invoice factoring ? you could pay off one of your cards every month.
For more information on accounts receivables factoring, please call IFG at 877.340.6893.
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