25 Jan, 2016 – Federal Reserve chair Janet Yellen’s Dec. 16 decision to hike interest rates is widely expected to cause an increase in consumers’ monthly credit card payments, making it more critical than ever for Americans to gain control of their credit card debt, according to leading debt relief company Madison Monroe & Associates.
The Miami Gardens, Fla.-based company had been gearing up staff in anticipation of the move by the Fed, an effort to ward off inflation as the economy continues to recover from the Great Recession.
“We believe the interest rate hike was the right move for the economy, but we do realize it will raise credit card payments for people,” said Rafael Ulloa, Madison Monroe founder. “We can offer customers an array of debt relief options to help them reduce and ultimately eliminate their debt. We’re just a phone call away.”
The 0.25-percent federal funds rate hike was the first since 2006. How much credit card rates increase as a result depends on the credit card company. The size of this increase might be modest, but two-thirds of economists polled by Reuters think another increase is coming within the next three months.
Madison Monroe is ready to help consumers who are struggling to make minimum monthly payments on debt from credit cards issued by banks, credit unions and stores.
In business since 2009, Madison Monroe has more than 1,000 customers actively enrolled in debt relief programs, including debt settlement, student loan consolidation and credit repair. Each month the company, which has earned an A+ rating from the Better Business Bureau, graduates 30 to 40 people from its programs. Those are individuals who are now free from debt that once was suffocating them, without their credit records suffering the 7- to 10-year stain of bankruptcy.
“Debt settlement can be derogatory on your credit record, but not nearly as much as a bankruptcy,” Ulloa said.
Madison Monroe complies with the Federal Trade Commission’s Telemarketing Sales Rule, which prohibits debt relief companies from collecting fees from consumers until they’ve reached settlements with their creditors. The company is often able to reduce a person’s debt by 40 to 60 percent by negotiating with creditors.
Borrowing ability will be affected in the short term but in the long run, consumers are able to again regain their good credit standing.
Distributed by Press Release Jet
Company Name: Madison Monroe & Associates
Contact Person: Rafel Ulloa
Phone: (877) 605-3167
Country: United States