Archive for September, 2007
There are few industries that are as permeated by myths, misinformation and controversy as is the debt settlement industry. It is my goal to provide truthful, factual, unbiased information in order to dispel the confusion and misinformation.
Unlike debt consolidation companies (that forward your monthly payments to your creditors), debt settlement companies place your monthly payments to them into a trust account, then forward the money to your creditors when there is sufficient funds in the account to pay a creditor in full.
Debt settlement companies advertise that they can negotiate with creditors to reduce debts by 40% to 60%. Is this really possible? Not if you believe what you read on the Internet, which offers many pages of compelling arguments against the efficacy of debt settlement companies.
Do you believe everything you read on the Internet? Lets think this through. If you were a creditor, would you be willing to allow your debtors to pay only one-half of what they owe you? Obviously not.
But what if your debtors were noncollectable, in other words, they refused to pay you and they were in a position where you could not collect from them by levying their bank accounts, placing liens on their properties or garnishing their wages. Now, would you be willing to take a reduced amount? Your choices are - 50% or nothing. Which are you going to choose?
The truth is - of the thousands of debt settlement companies, there are a few that can negotiate or settle debts by 40% to 60% as advertised. But they charge fees upwards of 15% of your debt.
Your goal as a debtor should be to become bullet-proof and you will be in the drivers seat to negotiate with your creditors without paying a debt settlement company to do it for you.
A few words of advice. Stay away from back dated documents, hiding assets off-shore or in trusts, transferring properties to other people, or any other strategies that are not lawful.
NOTE: This author is not suggesting that you protect assets from government authorities or put yourself in a position to restrict the payment of child support.
September 29th, 2007
If you didnt already know, Christmas is coming. Its quite obvious really as the toy companies, other corporations and malls have already started with the onslaught to part people from their hard earned cash. That wouldnt be such a tough thing to swallow if it were December - but it isnt.
The campaign is often both routine and brutal. The pressure to be a good partner, parent, brother, sister, cousin or friend is constantly applied as you are pulled this way and that way in order to get people to buy the perfect present. In fact as a result many will spend to provide multiple must have gifts. And to what effect? As well as taking away from the enjoyment, many people have spent more than they can afford. The January period is well known as the period when credit card and mortgage payments are missed. Added to that credit companies ramp up their activity for this period also because they know the hunger for loans is at its highest. Hardly a recipe for happiness is it?
Christmas has become about instant gratification. The need to make someone happy for a very short period. Why a short period? Because, as a society were becoming like junkies. We need a constant fix to keep us entertained. We need more and more to make our lives perfect. This fix usually goes hand in hand with the assumption that good gifts are expensive gifts. Too often, people follow this behavior and over-extend themselves financially
The result is we strengthen this kind of thinking with each passing year and as such become increasingly reliant on credit in order to meet the demand of Christmas.
Many will miss the opportunity to buy their best Christmas gift this year. That gift? Opportunity. As opposed to try and feed instant gratification, how many have considered a gift that could help provide close ones the things they desire without the heavy burden of debt. Such gifts can take many forms. These can include books on entrepreneurial skills, courses. The list is only limited by the buyers imagination. Its a variation on the saying, give a man a fish and you feed him for a day teach a man to fish and you feed him for a lifetime. Such a gift could light that spark that takes a person to life they only ever dreamed of. What a great gift it could be if they never spent another Christmas worrying about money.
Modern life is very different to that of life years ago. People are less constrained by their existing circumstances despite what they might think. They can reach the wider world through things like the Internet. As such they can profit from that easier access and reach into the opportunity it offers. Maybe its a perfect time to consider an opportunity gift.
September 28th, 2007
Credit card debt counseling debt consolidation can be a great way to help eliminate your debt. Unfortunately, in today’s day and age, many people exit college and find themselves those buried in debt. Counseling can help you shatter your debt and achieve financial freedom.
Credit card counseling debt consolidation is best suited for you if you are making huge payments every month towards your credit card dues. Sometimes you feel that the credit card obligations are never going to end and you will be earning only to meet their repayment schedules. If you miss the credit card payments, you run the risk of bad credit history attached to you name.
This is not a very ideal situation to be in indeed. It is here that debt consolidation and counseling can help you have a grip over your financial situation again. You can also work towards the goal of debt free through credit card counseling debt consolidation.
Debt consolidation as a financial strategy is intended to bring your financial position to a healthy state. Remember that as you keep on servicing credit card dues months after months, you also forego the potential savings and other investment avenues.
Through counseling and debt consolidation, you can have peace of mind and also aspire to manage your debt in a better way. It is a good way to say bye-bye to financial stress and a feeling of being trapped in the mess.
Today, a number of financial doctors and websites offer you relief and credit card counseling. You can get a free and detailed and customized debt management program to meet your financial objectives and objective calculations sheet to make a decision.
You can also aspire to receive professional expertise and guidance to choose the best debt consolidation advice and credit card counseling program tailor made to suit your requirements. Cutting your credit card dues should be the hallmark of all your investment decisions and credit card counseling debt consolidation is geared to achieve that objective for you.
Lenders and financial companies have a number of programs to address credit card counseling debt consolidation needs of borrowers. A large number of such products are available over internet. Use these credit card counseling debt consolidation services today to meet your requirements of debt consolidation.
September 28th, 2007
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