Use The Credit Crunch To Become Free From Debt
The credit crunch is starting to bite. The United States are desperate to avoid a recession and have dramatically cut interest rates twice in as many weeks. They are also offering tax rebates to the American people hoping that this could encourage additional spending. Lenders are becoming unable to lend as they themselves are struggling to borrow money. There has therefore never been a better opportunity, over the last few years, to become free from debt. Yes we need to use the credit crunch to our own advantage, in this article I will explain just what to do.
It is a strange situation. The lenders have tightened up their criteria, they are now far more careful as to whom they will lend to. If only they had been this careful to start with. One of the problems is the fact they have now become too stringent. Why is this? The lenders themselves do not have enough money, yes that is right; they themselves are seen as a bad lending risk. These lending companies are desperate for cash.
So I am in debt, let’s say; to three lenders, ten thousand bucks each. This debt has been hovering around my neck for the last few years as I normally only tend to make the minimum repayments. The debt, it has to be said, really gets me down. Even though I am aware that the majority of people are in the same boat, I still feel like some sort of failure. I would, in fact, love to be able to save or even invest in the stock market.
This is what I am going to do in an attempt to become free from debt. The three companies that I owe money to are not expecting it back anytime soon, especially with my past payment record. Each and every day banks and lending companies are in fact writing off many such debts realising that they will never obtain the money back. I therefore contact the three lenders to state that my father has offered to help me to pay off the debts and that he is willing to pay each of them six thousand as a one off payment, but only if the debt is then cleared. How many of them in this current climate do you think will say yes? The only problem I have now is obtaining the eighteen thousand!
Steve Hill is a webmaster from Birmingham, he has interests in a number of websites including:
information about stuttering,
debt reduction advice and debt specialist
Add comment February 5th, 2008
