Why Credit Card Companies are Responsible for Rising Levels in Consumer Debt

Posted by Wolfgang Sch... on Monday, September 03, 2007 - 04:47 am:

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Chicago, IL ( NewsEcoustics ) August 17, 2007 – Franklin Debt Relief ( http://www.franklindebtrelief.com/ ) believes that credit card companies are failing to properly inform their customers before granting them additional lines of credit. In addition, their marketing strategy is to offer credit to high-risk customers who rely on credit for the simple necessities of life. They are able to sell their product to these consumers knowing that the likelihood of these individuals paying off the debt is extremely low. Essentially, these individuals are thrown into a never ending cycle of debt that only grows with time.

As a result, the unethical marketing strategies of credit card companies must be held responsible for the inordinate amount of consumer debt that has accumulated over the recent years. Ultimately, this financial situation is causing distress for consumers and surprisingly enough is not as profitable for the credit card companies as they may believe.

Robert Zangrilli, CEO of Franklin Debt Relief, explains, "companies that are selling credit are seeing steady and sustained growth according to their P & L and Balance Sheet, however when you look deeper into the situation you may find that the situation is not as rosy as it seems."

Zangrilli went on to add, "ultimately a far higher percentage of this debt is going to turn into bad debt than they are forecasting, meaning we can expect that neither those in debt, nor the credit card companies, are going to benefit in the long run."

About Franklin Debt Relief LLC, ( http://www.franklindebtrelief.com/ )

Franklin Debt Relief is a credit card debt relief company that offers debt consolidation services to consumers suffering from unsecured debt obligations. The company also offers consultations for consumers who are seeking to consolidate their unsecured debts.

Contact: additional information regarding debt settlement as a debt relief option can be accessed through their website www.franklindebtrelief.com or by calling their toll free number at 877-274-1260.

Franklin Debt Relief
200 S. Wacker Drive
31st Floor
Chicago, IL 60606
312-674-4995

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