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The Truth About Debt Consolidation by Randy McClurkin
Getting out of debt can sometimes be an unpleasant experience, as it is often far easier getting into debt than it is getting out of it. However, the one common problem everyone in debt has is their present financial situation dose not allows them to service the amount of debt they current hold, and the resolutions each of the creditors wants, simply does not fit within their existing budget. Creditors don�t care whether you were laid off, had an illness, or just got in over your head. They want a payment and they wont it now!
Desperate people do desperate things, and when they find their backs against the wall with no way out, they will find a solution. What is that solution? You guess it, Debt Consolidation. What I�m about to tell you now is shocking! The majority of the so call Debt Consolidation Companies already know that your back is against the wall. So what do they do to help you? Put you in more debt! They will convince you that they can help you get out of debt in two to three years, if you can afford to make a small monthly payment to them.
That may sound good, but what they don�t tell you is that small monthly payment that you are paying them will not go into an account to help pay off your debt. It is going in there bank account. Why, did you forget, you are paying them so they can help you get out of debt! The truth of the matter is you are paying them to do something that you can do yourself.
If you read the fine print from that contract you just sign, you maybe surprised to find out you are responsible for setting up a bank account at your own bank. You will need to discipline yourself to add the required funds into your personal account each month of the program. Once your bank account have achieved 40% of the outstanding balance of your largest non-settled account, you will need to notify your Service Representative to begin the settlement negotiations process on that particular account.
Let me get this straight! I can�t pay my bills now because I don�t have the money, but I have to pay you to tell me that I need to pay my bills. Only in America! This is not rocket science, but you can see for yourself that debt Consolidation Companies don�t care about you. All they care about is making money. I will tell you this up front, if you have not had any contact with your creditors in a year, they would be happy to give you a settlement. I say this again, you are paying someone to do something that you can do yourself.
So you finial realize that you are responable for paying off your debts, and you know you don�t have the funds, so you file for bankruptcy. That is what the Debt Consolidation Company wants you to do. That is how they make their money. They are hoping that you drop out of the so call program so they can move on to the next victim.
Not so fast my friend! The bankruptcy rules have changed. Now your creditors have the right to take legal action against you. You must understand, if you get hit with a Law-Suit, it is your responsibility to reply to it. If you don�t, you may have to pay the full amount of debt you owe, plus court fees! Like I said before, all Debt Consolidation will do for you is put you in more debt! If you are in debt and think you have no way out, Debt Consolidation is not the best choice for resolving your problem.
� Copy right 2005-06 by Table Top Cash Inc. Randy McClurkin is the owner and founder of http://www.tabletopcash.com which is a website devoted to information regarding scams.
Related Articles - debt, debt consolidation, scam, scams,
Getting out of debt can sometimes be an unpleasant experience, as it is often far easier getting into debt than it is getting out of it. However, the one common problem everyone in debt has is their present financial situation dose not allows them to service the amount of debt they current hold, and the resolutions each of the creditors wants, simply does not fit within their existing budget. Creditors don�t care whether you were laid off, had an illness, or just got in over your head. They want a payment and they wont it now!
Desperate people do desperate things, and when they find their backs against the wall with no way out, they will find a solution. What is that solution? You guess it, Debt Consolidation. What I�m about to tell you now is shocking! The majority of the so call Debt Consolidation Companies already know that your back is against the wall. So what do they do to help you? Put you in more debt! They will convince you that they can help you get out of debt in two to three years, if you can afford to make a small monthly payment to them.
That may sound good, but what they don�t tell you is that small monthly payment that you are paying them will not go into an account to help pay off your debt. It is going in there bank account. Why, did you forget, you are paying them so they can help you get out of debt! The truth of the matter is you are paying them to do something that you can do yourself.
If you read the fine print from that contract you just sign, you maybe surprised to find out you are responsible for setting up a bank account at your own bank. You will need to discipline yourself to add the required funds into your personal account each month of the program. Once your bank account have achieved 40% of the outstanding balance of your largest non-settled account, you will need to notify your Service Representative to begin the settlement negotiations process on that particular account.
Let me get this straight! I can�t pay my bills now because I don�t have the money, but I have to pay you to tell me that I need to pay my bills. Only in America! This is not rocket science, but you can see for yourself that debt Consolidation Companies don�t care about you. All they care about is making money. I will tell you this up front, if you have not had any contact with your creditors in a year, they would be happy to give you a settlement. I say this again, you are paying someone to do something that you can do yourself.
So you finial realize that you are responable for paying off your debts, and you know you don�t have the funds, so you file for bankruptcy. That is what the Debt Consolidation Company wants you to do. That is how they make their money. They are hoping that you drop out of the so call program so they can move on to the next victim.
Not so fast my friend! The bankruptcy rules have changed. Now your creditors have the right to take legal action against you. You must understand, if you get hit with a Law-Suit, it is your responsibility to reply to it. If you don�t, you may have to pay the full amount of debt you owe, plus court fees! Like I said before, all Debt Consolidation will do for you is put you in more debt! If you are in debt and think you have no way out, Debt Consolidation is not the best choice for resolving your problem.
� Copy right 2005-06 by Table Top Cash Inc. Randy McClurkin is the owner and founder of http://www.tabletopcash.com which is a website devoted to information regarding scams.
Related Articles - debt, debt consolidation, scam, scams,
