Tuesday, May 12, 2009
Escape debt without being taken for a fool!
I have been getting very upset recently with how much debt settlement companies have been pretty much nothing short of boiler rooms. Simply promising consumers the world and not delivering. Seeing how long I have been in the business I figured I would write an article speaking about how to get out of debt without being taken for a ride by one of these companies. This article goes in great detail on how to interview a debt representative to make sure they have your best interest in mind and will do a job that advantages you in getting out of debt very fast and save you a lot of money. It is important that you know what to look out for when you are one the phone with one of these representatives. There are certain warning signs that can tell you right away not to deal with the company.
Monday, May 4, 2009
Best aspect of a debt settlement program
So what is the number one benefit of going through a debt settlement program? This question is asked my many folks who have found themselves stuck in debt with no real way to get out. In my opinion the best aspect of debt settlement is getting off the credit treadmill.
Now you may ask what the credit treadmill is. This is the vicious almost never ending cycle of monthly minimum payments. The creditor’s minimum payment scheme is meant to keep the debtor in debt for at least thirty years, and this is if they have an average interest rate. The creditor’s ultimate goal is to get the interest rate up to the default rate which will pretty much keep the debtor stuck in debt for the rest of their life. And while paying down this debt the debtor will end up paying over ten times the original balance in interest alone.
As anyone can see this is pretty much financial ruin, and is probably one of the biggest mistakes people can make financially. Debt settlement gives people the opportunity to get out of debt within less than two years and save over fifty percent of what they currently owe. This is the ultimate counterpunch to staying on the dreaded credit treadmill.
Now you may ask what the credit treadmill is. This is the vicious almost never ending cycle of monthly minimum payments. The creditor’s minimum payment scheme is meant to keep the debtor in debt for at least thirty years, and this is if they have an average interest rate. The creditor’s ultimate goal is to get the interest rate up to the default rate which will pretty much keep the debtor stuck in debt for the rest of their life. And while paying down this debt the debtor will end up paying over ten times the original balance in interest alone.
As anyone can see this is pretty much financial ruin, and is probably one of the biggest mistakes people can make financially. Debt settlement gives people the opportunity to get out of debt within less than two years and save over fifty percent of what they currently owe. This is the ultimate counterpunch to staying on the dreaded credit treadmill.
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