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You have bad credit. Your bills are piling up. Relentless bill collectors are calling you non-stop. You really do wish you could pay your creditors because at the time you created the debt, your finances were under control. Now, (if you are lucky enough to have a job) you are working your butt off every day, yet you are just making ends meet. You feel like you are in a tunnel with no light at the end. There are millions of people out there who feel just like you. According to ‘Yahoo! Answers’, there are professionals in the lending industry who believe that up to 35% of Americans have bad credit. This may not be an official statistic, but since lending industry professionals are reporting it, let’s put that 35% in perspective.

In 2006, the U.S. Census Bureau did a study called the ‘American Community Survey’. According to the web-published findings of this survey, the total American population was over 299 million at that time. The findings also report that 75.4% of the population was age 18 and over. That being said, it would mean that today there are at least 225 million adults in America that are eligible for credit (299 million people x 75.4% = 225 million adults). If 35% have ‘bad credit’, that would mean a bad credit situation plagues over 79 million people. This figure is staggering. Believe it or not, it can work to your advantage.

You see, the more people that have bad credit, the more lenders will be wiling to negotiate a debt settlement. Creditors and lenders are going out of business every day because consumer debt is out of control. People can not make their loan and credit card payments, and it is costing the lending industry big time. At this point, creditors want to renegotiate your debt with you to make it more affordable for you to pay it back. They would rather take a partial payment and call it even, then get no payment at all.

So, all that to say: there is a light at the end of the tunnel. Our troubled economy is giving you a great opportunity to begin the process of bad credit repair. Many creditors and lenders are accepting 40-60% of outstanding balances as full payment. By negotiating your debt, you will have less debt overall, an affordable repayment plan, more money in your pocket every month, and best of all, the annoying phone calls and threatening mail will finally come to an end. If you have bad credit, chances are your creditors are willing to negotiate your debt with you.

?2008

-Ken S.

If you have bad credit, find bad credit repair, debt negotiation, credit reports, bad credit credit cards, and more at http://www.LowRateSearch.com We help you find the lowest rates on loans, credit, insurance, and travel too. Bad credit ok. Repair your bad credit to qualify for lower rates. Lower rates mean more savings.

Ken S. is the founder of LowRateSearch and makes it the company’s mission to help people find and qualify for low rates.

Ken_S

Tags: credit card payments, Loans, credit cards, repayment, insurance

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Tags: bad credit, cards, credit card payments, credit cards, insurance, Loans, repayment