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4:55 AM / Wednesday June 26, 2019

1 Aug 2010

Toll-free debt hotline is helping African Americans eliminate credit card debt

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August 1, 2010 Category: Color Of Money Posted by:

blacknews.com

 

In response to the growing amount of African Americans in credit card trouble, one organization, Preferred Financial Solutions, has decided to make an extra effort to reach out this demographic – as well as other minorities. They have set up a toll-free hotline to provide free debt advice and guidance.

 

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Between the hours of 9 AM to 9 PM EST on weekdays, individuals can call (877) 383-4125 and learn how to eliminate their credit card debt via attorney driven debt compromise programs. They can also call on weekends until 5 PM EST. Experienced credit counselors will be available to offer free consultations.

 

According to a recent issue of Black Enterprise Magazine, minority families haved “added on debt at a rate far greater than they increased their incomes. They have literally racked up more than twice the debt of their white counterparts.” The article further elaborates on how “credit card debt has caused African American families to use critical financial resources to pay mounting monthly interest payments, instead of saving or acquiring assets such as real estate.”

 

The service offered via the hotline helps consumers to reduce their interest payments, consolidate, and potentially settle their debts with their creditors. The only requirements are that callers must have at least $10,000 in credit card debt, and must be between the ages of 25 and 65. Also, there are several states that are not eligible for assistance, including Alabama, Arkansas, Delaware, Mississippi, Kansas, South Carolina, and the District of Columbia.

 

To see if you qualify for assistance, call toll-free (877) 383-4125. A live person will be on hand to take your call and provide you with the answers you need.

 

Churches, community organizations, and support groups are encouraged to share this information with their members.

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