Desperate Debt Settlement Choices
By: Dan Delgado
Debt is a heavy burden to carry, especially in the financial times we live in. Many people make costly desperate choices that in the end provide no relief at all.
When it comes to debt we all want relief, we want the stress to go away, this stress comes from correspondence and phone calls from creditors and collectors. Our first reaction is to stop answering our telephones and to ignore the correspondence we receive. Forgetting about our debt is not going to make it disappear. when the debt can no longer be ignored we seek the help of professionals who may help us in relieving the stress, sometimes this is not true and we turn to the wrong people for help. A person in debt is a person who most of the time is in denial, I say this because in order to accumulate large amounts of debt no matter the situation one must have been in denial. It is true most people who fall into debt had an unfortunate event happen in their lives.
We continue to fall into denial by joining debt settlement programs that promise us the world, that make us feel like working with these individuals we have a shield protecting us from our obligations. I´m not saying joining a debt settlement program is not good for us, many have settled all of their accounts their debt and become debt free. To become debt free via debt negotiation one must have the means to do it and those means are funds or money.
Saving two percent perhaps three percent of our total debt on a monthly basis most debt settlement programs forecast an individual will be out of debt in at least 36 months. It may happen, the cases are small, but debt settlement agencies will say or do anything to have stressed out people join their ranks. take into consideration most of these agencies ask for money up front in the form of a retainer fee,they may also ask for a monthly maintenance fee and so on. My question has always been why ask for money up front to people that cannot deliver their monthly payments to their creditors and place them deeper in debt?
Debt settlement programs (most) do not have their clients best interest at hand, they have their own interest at hand. with the money they collect up front they can and this ensures the fact that they will continue to stay in business month after month, this money is their lifeline. This money comes in month after month and it is no wonder debt settlement companies spend most of their advertising money simply just to bring clients into their programs. when we begin to realize that debt settlement is a multi-billion dollar business, we must realize that we are just what the debt settlement companies and credit card companies need. We have become a cash cow to both, we keep them in business, while we become stressed out and make desperate decisions to dig ourselves out of the hole we fell into. Debt is a trap and creditors know it and we fall for it, debt settlement companies know it and we are the piece of the game they both use to fatten up their wallets. Next time anyone is thinking of applying for that nice shiny credit card, remember debt settlement will be waiting for you with open arms. I hope you make the right decision!
Dan Delgado has experience negotiating personal as well as business debt, he has worked in the debt settlement industry for over five years. Please visit http://debtsettlementbeware.blogspot.com/ to read more of his articles regarding debt settlement or visit http://www.pemperandgartle.com/faq.php
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