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

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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 Maine

 

Sectors of the Maine economy that hit hardest by sub-prime mortgage crisis

The sub prime mortgage crisis was actually started after boom for decade of housing boom which fuelled by low interest rates and excess liquidity in the market. During these years of housing boom many mortgage brokers tempted to arrange loans to consumers to even one with low credit score with the intention of getting commissions. Along with this they overlooked the necessary documents and credit checks while granting loans.

As the loans granted are adjustable rate mortgage interest rate loans are also know by sub prime mortgage. Home buyers were trapped by the mortgage brokers to avail adjustable rate mortgages which usually cost two to three points and those with less risky credit reports and with low interest rate structure for first couple of years which will reset to much higher interest rates.

The reset which was made recently due to raise in inflation and high liquidity in the market resulted in raising borrowers monthly payments to almost 100 percent up which makes it financially impossible for a home owner to handle.

The home owners who finds hard to handle the raised mortgage took home equity loans for extra cash. Added to this the banks and other financial institutions combined the mortgage with other forms of debt and sold them to other institutions as collateralized debt obligations.

With this increased mortgage payments consumers were forced to tighten their hands given a way to halt the consumer markets in the developing countries earlier this year with America�s sup prime mortgage meltdown. As the more number of consumers walking away from mortgages in Maine and U.S.A have given rise to more number of foreclosures.

As economy slows down due to sub prime mortgage crisis, irrespective of the sector, people are losing jobs of both immigrants and citizens who played a dramatic role in housing industry boom by buying homes that they could barely afford when the market moved upwards and caught with mortgages higher than the worth of homes and prices of homes started to decline in previous couple of years.

With unemployment rate of Maine standing at 8.2 percent for October 2009 and one home that is foreclosed out of every 1909 homes, there is nowhere to hide in this economy described by Mark Zandi, Moody�s chief economist.

This is the result of the sub prime mortgage crisis that began in late 2006 and early 2007 when financial institution like Bear Stearns declared bankrupt with two of its hedge funds collapsed. This had a strong effect on the world financial markets with record level foreclosures for sale in month of august that made the money markets to frozen which is critically important to banking and financial operations.

This condition of sub prime mortgage crisis continue as long as the housing market is shoot up with interest rates not moving up and even if the employment rate grows, the situation remains as usual until the interest resets in 2011.

 
Available in the following Maine Cities:

( For cities available in other States click here )
Bangor
Bar Harbor
Brunswick
Gorham 		Lewiston
Orono
Portland
Waterville

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Maine Economy- Maine consensus economic forecasting commission thinks that the recession will be much deeper than that was expected and the affect of recession on Maine is much later than other states. The panel suggests that Maine will likely be slower to recover form the downturn, and the panel projects that job losses from the end of 2007 through 2010 will be 36,000. With certain no of job losses means that state will surely see decline in sales and income tax revenue. Unemployment rate hit 7.8% in Maine in January beating the national rate means less spending and less production. Creating and retaining jobs means more revenue to states in the form of tax. Because state revenue is shirking, the need for critical service is growing and Mainers are worried about whether they will have another pay check or not. The only way to get money spending in this recession is to increase demand with decrease in interest rates and propel more money into the economy.