Our History - 2007 Credit Problems

In 2007 the nation began to fall victim to credit card companies as the housing market collapsed and the economy stalled and once again You Be Aware was there for its members.

Consumers had racked up trillions of dollars in credit card debt and banks and card issuers saw default rates begin to rise as cardholders found it more difficult to meet their minimum monthly payments. Almost as fast as credit cards had been issued, banks began to raise card interest rates to historic highs and become involved in questionable tactics such as universal default.

Universal default is the vile practice of raising the interest rates on a credit card account simply because the cardholder’s credit score has decreased even though they have never failed to make payments on time to the credit card company. Raising interest rates increases the minimum monthly payment, which in turn puts more pressure on household finances and increases the chance of falling into arrears.

Since 2007 YBA has provided our members with vital information about the credit card industry, how to improve personal credit, lower interest rates and reduce debt. We give our members access to practical and effective do-it-yourself methods of debt settlement and negotiating with credit card companies as an alternative to paying one of the thousands of predatory debt settlement and management companies that prey on the vulnerable consumer.

Our members have access to form letters that can be used with credit card companies to lower credit card interest rates, lower monthly payments and even negotiate a reduced balance settlement. In addition, all full members are able to download the Clean Credit Institute DVD which provides valuable tips and tools to significantly improve your personal credit standing so that you can enjoy lower interest rates and better mortgage deals in the future.

Continue: 2008 The Fall