1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will term you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have atleast 2 credit cards and 14% of them have 10 or more credit cards.

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Detroit is Depressed With Debt

Detroit, once the motor capitol of the world, is experiencing harder times these days. With car manufacturers posting record losses, citizens of Detroit feel the secondary and tertiary economic effects which have affected the entire economy. Part of the financial pain is to consumers who accumulated high levels of debt during good times only to find that even the minimum monthly payments are now tough to make. If this sounds like your situation, get the best Detroit debt services and get the chance to begin again.

Debt Help Services

Debt counseling, consolidation, settlement, and management plan services are available by a number of nonprofit organizations which provide a full array of services, many of them for free. These services include:

budget counseling and development

education and training for wise consumerism and personal finance management

negotiation with creditors to lower interest rates, lower overall payments, eliminate late fees, and reduce total debt amount

setting up debt management plans that allow the debtor to make one lower payment which is then distributed to creditors as agreed

follow-up counseling and assistance as spending habits are changed

In the Detroit area, there are many fine organizations and firms providing all of these services. Except for the debt management plan, all are free of charge. Debt management plans involve continued services of the organization and there are monthly fees added to the single payment made by the debtor. These usually total about 8% of the payment, to a maximum of $35.00. Among such organizations are:

GreenPath Debt Solutions: with almost 40 years in the business, these certified counselors will provide all of the services mentioned above, as well as pre-bankruptcy counseling and reverse mortgage counseling for senior citizens

Consumer Credit Counseling Services has several sites in the Detroit area, to serve all neighborhoods. They offer the same services as GreenPath, for the same fees.

Budget Tips in Detroit

The economic slowdown has resulted in lower housing costs across the entire area. Rentals are more reasonable than a lot of other places in the country, as well as government subsidized housing for those who are currently struggling. Public transportation in Detroit is well planned and developed, and it provides a good alternative to driving whenever possible.

Tourism in Detroit

There are lots of great hotel and entertainment deals available in Detroit, and the attractions will surprise the first-time visitor. The theatre district is the2nd largest in the nation, and almost any kind of play or musical is available year-round. The Detroit Symphony is quite reasonable, as are tours, such as the one offered by the Motown Studios. The Tuskegee Airmen Museum is located in Detroit to honor the first all-black air corps of World War II. Detroit has a famous River Walk in the city area, and, for those who have extra money, casinos.

Hotel accommodations are quite reasonable at the Shorecrest Motor Inn, the Residence Inn, and the Doubletree. Virtually every type of food is available at numerous moderately priced restaurants (under $20), including Under the Eagle, Zumba Mexican Grille, Pasquale's, and the Green Lantern