Consumer Credit Counseling Services

A reliable and efficient debt consolidation program may help you in taking the right step towards becoming debt-free.

If you feel you are overwhelmed with credit card debt, tired of harassing phone calls or just like the convenience of one monthly payment, a credit counseling program may help you.

Credit card consolidation and debt management program can help you financially by offering you a choice of solutions, custom tailored to fit your financial needs.

A credit counselor will speak to your creditors and negotiate to: 

  • Stop any harassing creditor phone calls.

  • Reduce your monthly payments.

  • Consolidate all of your unsecured credit card debt into one simple monthly payment.  You may even be able to choose what day of the month it is due.

  • Reduce the number of years to pay off your debt dramatically.

Consumer Credit Counseling Specialists

Fill out the contact information below and a Credit Counselor will call you at your convenience

First Name:
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Last Name:
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Amount of Debt:  *
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* Credit card debt, unsecured loans, IRS debt, utility bill debt, and student loans. Do not include auto loans or mortgages. Describe your credit situation:

 

 

Financial Articles Related To Illinois

 

Is the adjustable rate mortgage a reason for record level foreclosures in Illinois?

Lot of Americans and Illinoisans having trouble with mortgage payments due to adjustable rate mortgage interest rate loans. Initially home owners who bought loan at fixed rate sold their homes in an illusion to get loan with adjustable rate mortgage interest rate which will save those few hundreds of dollars a month in starting compared to fixed rate loans.

Unfortunately they failed to recognize that this savings will last for only few month and they are being trapped by the lending institutions which will get back to original rate after 1, 3 or 5 years or when the interest rates raises.

The present sup prime crisis is because fed had increased the interest rate in an attempt to control the rising inflation. But this attempt has lead to mortgage crisis because the home owner, who is trapped into adjustable rate mortgage loans with incentive of low monthly payments are now being charged with higher interest rate which will ultimately rises the average mortgage payments that home owner has to pay. This increased payments become a extra burden to home owner along with rise in cost of living, he is un able to meet the daily expenses with present income and started to make more debt through other sources like credit cards, personal loans and car loans.

With home owner utilising all sources of credit to meet the expenses and unable to pay mortgage therefore defaults on payments lead to financial crisis and liquidity crunch.

While the banks are getting out of funds to lend and unable to collect the payments from borrowers, they tightened the lending standards and refused to even those who have good credit. Therefore more number of home facing foreclosures. The sate of Illinois has recorded 13.68 percent change over last quarter and 30.29 percent over last year with 37,270 home facing foreclosures in this quarter (i.e.) Illinois is facing one home in every 141 homes foreclosure.

The foreclosure rates are at peak because the home owners do not have access to any type of credit with restricted bank lending terms and home prices decline like home equity, refinancing etc. the majority of mortgage rate recorded decline in prices due to the delinquency rates for mortgage loans rose to a seasonally adjusted rate of 9.64 percent on all loans at the end of third quarter 09.

This delinquency rates includes all the loans with at least one payment in due to loans that are in a process of foreclosure is recorded at 14.41 percent for a non seasonally adjusted index.

This delinquency rate could even further record higher levels due to job losses but not only due to risky mortgage loans before they get better. During the last year, unemployment rate was increasing to double figure increasing the number of delinquencies by almost 2 millions and foreclosures by 35 basis points.

Ultimately these delinquent loans put an added pressure on the hardest hit sectors of the economy there by hindering the economic growth.

 
Available in the following Illinois Cities:

( For cities available in other States click here )
Bloomington
Chicago
Evanston
Gurnee 		Naperville
Peoria
Springfield
Urbana

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Illinois Economy- The abundant supply of Illinois electric capacity ensures long term rate stability for consumer and business alike. In addition, Illinois is a nation leader in generating nuclear power and alone account for 1/8 of total US reserves of coal. The University of Illinois at Springfield announces that the greater Springfield enterprise index projected downturn in activity during November and December 2008. However, the economy is projected to return to current levels in the first part of 2009. By May 2009, the level of activity is expected to return to levels like in fall 2008. With inflation to move markedly lower next year, and the unemployment rate is forecasted to rise through 2009, the nation economic growth is expected to increase at a very slow rate in 2009.