American Credit Card Solutions
• If you do qualify for the type of bankruptcy that wipes out your debts (a Chapter 7 “liquidation” bankruptcy), you may be required to sell off all your property that isn’t protected by law.
Do the Math If you are truly in a hardship where making any type of consistent monthly payment to satisfy your obligations is impossible, then bankruptcy may be the only cost effective option. The cost of attorney fees may vary from state to state. We are not bankruptcy providers so we recommend you consult with a licensed attorney in your state to review the costs and options.
Congratulations and thank you for calling American Credit Card Solutions for your Debt Relief Information Kit.
Did you know? The national average default rate as January 2010 stood at 27.88 percent and the mean default rate is 28.99 percent. (Source: CreditCards.com survey, January 2010)
93 percent of cards allowed the issuer to raise any interest rate at any time by changing the account agreement. (Source: Pew Safe Credit Cards Project, March 2009)
Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
72 percent of cards included offers of low promotional rates which issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
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