Don"t Be Fooled by Debt Relief Programs
Enough is enough! Consumers are sick and tired of the credit card game.
Some say they feel like they are stuck and are spinning their wheels going nowhere with their credit card payments.
Consumers are searching for solutions and get ripped off because they are not told the whole truth about debt relief programs and who is behind them.
You have to keep in mind that there are solutions out there that could help with debt relief but one must be very careful before embarking into the debt relief journey.
There are good solutions and there are solutions designed to keep consumers into debt.
You probably have heard a lot about debt counseling, debt management and debt consolidation you can hear the advertisements on TV, the radio and on the internet.
Have you wondered why? It's because most of those programs are sponsored by the credit card companies.
This information is not divulged to the general public when the programs are advertized because they are another form of debt collection that the credit card companies have put in place.
The companies that offer those types of debt relief programs are sponsored by the credit card industry and they get some kick backs from the credit card companies so some debt relief companies are really just another form of collection.
What consumers will find out is that those programs are not designed to help them.
Those programs are but a Band-Aid.
Many consumers that join those programs are disappointed because the consumers are put on a payment plan that last for several years.
Then the consumers have to pay for the debt plus monthly fees on top of that just to have some bank sponsored company collect the payments.
The monthly payments are not that much different from the actual payments consumers would normally have to pay, but it is repackaged to make the consumer feel that they are getting a break.
Some of the funds go toward payment of the debt and some of the funds are paid to the company making the payments on behalf of the consumer.
No wonder the success rate on those programs are very low.
Only 25% to 30% graduate and complete the programs.
Not many people know this, so they are gullible and go blindly into these programs without knowing that they are destined to fail.
So what can consumers do once the debt is overwhelming and they have had enough of the charade? First of all do not panic many people fall victim of the supposed debt relief companies.
Once knowledge is gained regarding the gravity of the situation, one must take the initiative to correct it.
Learn as much as possible about the laws that pertains to debt, debt collection and binding contracts.
Don't let the big hype relayed through mass advertisement get to you.
As you know the credit card companies have all the money in the world.
They only charge around 20% to 30% in interest rate right? And each time you turn around, there are late fees and penalties.
So they have an unthinkable amount of money in their budget for advertisement.
There are other programs that are not sponsored by the credit card companies that are truly designed to help consumers eliminate the debt such as Debt forgiveness and Debt assignment.
Banks do not want you to know about these other programs because they want to take as much money as they can from you.
Remember, they are in the money business.
Money is their product and they do not want consumers to be out of debt and make debt an inevitable part of their everyday life.
Getting rid of the debt is another way to increase cash flow immediately to help with the current financial crisis.
The debt is gone and the money stays in your pocket.
No more paying high interest rate or other fees.
In order to achieve financial fitness one must get rid of debt.
Debt is like cancer a financial disease that eats consumers' finances little by little.
20% to 30% interest rate, late fees, over limit fees etc...
The burden of debt will never go away unless consumers take the initiative to do something about it to get rid of the debt.
That's where programs such as Debt forgiveness and Debt assignment can help.
By David Isenberg
Some say they feel like they are stuck and are spinning their wheels going nowhere with their credit card payments.
Consumers are searching for solutions and get ripped off because they are not told the whole truth about debt relief programs and who is behind them.
You have to keep in mind that there are solutions out there that could help with debt relief but one must be very careful before embarking into the debt relief journey.
There are good solutions and there are solutions designed to keep consumers into debt.
You probably have heard a lot about debt counseling, debt management and debt consolidation you can hear the advertisements on TV, the radio and on the internet.
Have you wondered why? It's because most of those programs are sponsored by the credit card companies.
This information is not divulged to the general public when the programs are advertized because they are another form of debt collection that the credit card companies have put in place.
The companies that offer those types of debt relief programs are sponsored by the credit card industry and they get some kick backs from the credit card companies so some debt relief companies are really just another form of collection.
What consumers will find out is that those programs are not designed to help them.
Those programs are but a Band-Aid.
Many consumers that join those programs are disappointed because the consumers are put on a payment plan that last for several years.
Then the consumers have to pay for the debt plus monthly fees on top of that just to have some bank sponsored company collect the payments.
The monthly payments are not that much different from the actual payments consumers would normally have to pay, but it is repackaged to make the consumer feel that they are getting a break.
Some of the funds go toward payment of the debt and some of the funds are paid to the company making the payments on behalf of the consumer.
No wonder the success rate on those programs are very low.
Only 25% to 30% graduate and complete the programs.
Not many people know this, so they are gullible and go blindly into these programs without knowing that they are destined to fail.
So what can consumers do once the debt is overwhelming and they have had enough of the charade? First of all do not panic many people fall victim of the supposed debt relief companies.
Once knowledge is gained regarding the gravity of the situation, one must take the initiative to correct it.
Learn as much as possible about the laws that pertains to debt, debt collection and binding contracts.
Don't let the big hype relayed through mass advertisement get to you.
As you know the credit card companies have all the money in the world.
They only charge around 20% to 30% in interest rate right? And each time you turn around, there are late fees and penalties.
So they have an unthinkable amount of money in their budget for advertisement.
There are other programs that are not sponsored by the credit card companies that are truly designed to help consumers eliminate the debt such as Debt forgiveness and Debt assignment.
Banks do not want you to know about these other programs because they want to take as much money as they can from you.
Remember, they are in the money business.
Money is their product and they do not want consumers to be out of debt and make debt an inevitable part of their everyday life.
Getting rid of the debt is another way to increase cash flow immediately to help with the current financial crisis.
The debt is gone and the money stays in your pocket.
No more paying high interest rate or other fees.
In order to achieve financial fitness one must get rid of debt.
Debt is like cancer a financial disease that eats consumers' finances little by little.
20% to 30% interest rate, late fees, over limit fees etc...
The burden of debt will never go away unless consumers take the initiative to do something about it to get rid of the debt.
That's where programs such as Debt forgiveness and Debt assignment can help.
By David Isenberg
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