Warning recent large increases in the price of gas could seriously affect people in debt
Released on: August 11, 2008, 6:23 pm
Press Release Author: www.debtzeroprocessing.com
Industry: Financial
Press Release Summary: Following recent increases in the price of gas, debt consolidation experts at Debt Zero Processing warned of the probable impact on those already struggling to cope with higher living costs, economic uncertainty and record levels of personal debt.
Press Release Body: Shortly after US decided to raise gas prices by 22%, Station Owners announced an increase which would see the average gas bill rise by 35%.
"In itself," said a spokesperson for Debt Zero Processing, "this increase could be enough to push certain households into debt - or further into debt - but this is by no means an isolated instance. Today's consumers are facing substantial increases across the board, from food and petrol to gas and electricity. The cumulative effects can be devastating: for many, there may simply be no way of finding another $2,227 per year, which works out to almost $43 per week per car."
An estimated 6 million people will be thrown into financial turmoil because of these increase with no alternative to increasing their income what direction do they turn to for help, government for tax breaks, employer for a pay increase, or court system to allow them a Bankruptcy?
"As debt advisers with 12 years' experience, we strongly advise people to take action now and seek the help of a debt advisor immediately before it is too late. However serious someone's debts are, there are far better ways of handling them then to just turn the other way."
In many cases, the right debt advice can help people cope with the extra strain on their finances: "Some people may be able to free up the necessary extra funds by learning to budget more effectively, or by renegotiating payments to their creditors. For others, however, no amount of debt advice will be enough - if their budgets are already stretched to the limit, they may need to look into professional debt solutions, such as a debt management plan or debt consolidation loan.
"In today's economic climate, of course, the kinds of debt help available may be limited, as problems in today's credit market are keeping some people from accessing the debt consolidation loans that could help them regain control of their finances. In cases like this, an alternative debt solution may be more appropriate.
"Debt management, for example, relies not on access to further credit but on negotiations between an individual's creditors and the debt management professionals who ask them to accept lower monthly payments and grant other concessions. As always, we would recommend that anyone in financial difficulty seek professional debt advice as soon as possible."
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