Debt consolidation today for poor people is getting harder and harder to do.

If you apply for a new credit card with another credit card company they look to see if you have defaulted on any previous payments and if you have, they tend to deny you a lower interest loan. No one in their right mind applies to a new credit card company for a loan that has a higher interest rate than the one that you are already paying.

Today there is more and more people who fit the economists criteria for being poor. Much of this lack of wealth and well-being has been instigated by credit card companies and other financial institutions offering credit that has swamped many unwary people.

The credit card companies may not be totally to blame because after all, they didn’t send anyone out to twist our arms to use the credit facilities. They usually wait until you have totally ruined your credit score and are unable meet even a minimum payment before they send in ‘the heavies’ to do the arm breaking.  OK, we are being facetious here but if you have had a phone call from your credit card company then you will relate to this. The sad thing is that you are not alone today.

Debt consolidation for poor people isn’t likely to improve or get any easier anytime soon.  While there are countries now around the world that are close to defaulting on their debts, what hope does a poor person have?

Three Debt consolidation hopes for us all:

1. The hope of all debtors is that we can manage to not only pay our minimum payment every month but have enough left over from the monthly family budget to just pay that bit extra every month so that we end up paying less interest overall on past excesses.
2. The second hope for us all will be if our respective Governments will curb the excesses of the banks and other financial institutions by legislating some protection back into the world financial system to stop the excessive profits that many of our banks are pocketing at the expense of the world’s poor.
3. The third hope for us all needs to be that the world doesn’t slip into another world recession. The chances of this these days in September 2011 are high and we the poor people of the world do need to protect ourselves as best we can.

Debt Consolidation Protection we can all do ourselves:

The best thing we can do to protect ourselves is to bury and forget how a credit card can be used.

We poor people need to live on a strict monthly budget that must include provision for making more than a minimum payment to a financial institution on our credit card payments each month.

Lastly, we all need to remember who votes. 

If our Governments are ever going to legislate change into the world financial system, then we the people who vote for our representatives elect those who represent us. So be very careful who you give your vote to. Elect the wrong representative and you will remain poor.

Debt consolidation affects people and countries around the world.