Reading, UK – January 22, 2013 – Yet another big bank, this time US based JP Morgan, has announced it made record profits off of high fees and interest. The bank reported earnings increased 53% despite taking charges related to the settlement of the LIBOR scandal. Settle-My-Debt has an innovative new plan to help you and your family becomes financially independent through debt settlement solutions, and stop padding the bonuses of big bank executives.
“What most consumers don’t understand is the banks are not interested in helping you pay off your debt, because they wouldn’t make any money,”says a company spokesperson, continuing, “This is why you need to turn to a third party debt settlement company if you are going to achieve your debt reduction goals.”
Settle-My-Debt achieves debt settlement agreements for consumers by working through established relationships with banks to negotiate a cut to principle, interest, and fees. Then one of their financial gurus helps you achieve debt reduction by helping you construct a plan to manage your money, pay off your debt and become debt free. Their proven ten-step plan will lead to an actual reduction in your debt and your payments.
Not all of the large banks performed as well as JP Morgan, a few saw a reduction in profits on increased provisions for defaults. According to a debt settlement expert from Settle-My-Debt the increase in defaults is really a signal the banks strategy of consumer debt maximization is not a sustainable way to drive long-term earnings. “Consumers are already at their breaking point, there is no more room to borrow new money, and their rates are far too high for their payments to make a dent in their existing debt.”
According to Settle-My-Debt if a consumer pays only the minimum on their bank credit or charge card, it would take them at least 50 years to pay off the debt. That same consumer would pad the banks bottom line to the tune of several times the principle of their debt.
Settle-My-Debts is a leading credit counselor, based in Reading, UK. Their debt settlement and debt reduction plans, along with relationships cultivated with banks and financial institutions enable them to get best in industry settlements for consumers. Settle-My-Debts approach to debt reduction and debt settlement has attracted clients from across the UK and around the world.
For more information, please contact:
Settle-My-Debt
24 King Street
RG1 2HE
PH: 01344 862630
Email: info@settle-my-debt.co.uk
http://www.settle-mydebt.co.uk