Get Rid of Your Debt Instantly!!
By glblguy
We decided to visit the fair last night. In the arena section of the fair, there is what I call a “vendor” section that is full of tables and displays for local politicians, government agencies and businesses. As we were walking by, a large green sign caught my attention. It read:
Get out of Debt
Eliminate all of your debt instantly!!
Everyone qualifies nobody turned down
I thought for a second about walking over and inquiring about the company just to do a little “heckling”, but decided I didn’t want to ruin the wonderful evening we had.
Let’s be clear on a few things:
- A company cannot get you out of debt instantly – The reality is, while you can get into debt instantly, unless you have a large pile of cash laying around or some company is going to give you money for free you can’t get out of debt instantly. It takes time, discipline, sacrifice and hard work. Anyone who tells you otherwise is lying and either has not clue what they are talking about or they are trying to sell you something.
- All of these companies are generally offering one of two things: 1) A debt consolidation loan or 2) An offer to negotiate with your creditors for a fee.
- Debt Consolidation Loan – These can sometimes be a good option if the interest rate is lower than the rates on your current debt, you pay them off aggressively and you stop going further into debt. Many people make the mistake of consolidating their debt into a single loan with a reduced monthly payment only to turn around and use that “extra” money to go further in debt. The only advantage a debt consolidation loan can offer is a reduction on interest rate. If you are considering going for any other option, just say no.
- Creditor Negotiation – There are in fact legitimate companies that do this. I’m not convinced they can do anything you couldn’t do yourself, but if you aren’t comfortable with doing this than they might be a good option. The problem is they charge you a fee, generally fairly high to perform this service for you. You also need to be aware that there is a lot of fraudulent companies that will take your money and do nothing for you. If you don’t believe me, just listen to some of the callers on the Dave Ramsey show that have been scammed.
I believe in the old saying “If it seems to good to be true, in probably is“. Don’t be fooled by companies that advertise such claims. Do your research, make smart decisions and don’t look for the quick way out.
Proverbs 28:22 says “A greedy person tries to get rich quick, but it only leads to poverty“. While you may not be trying to get rich quick, by using some of these services you are trying to get out of debt quick. Don’t make this mistake as it may only lead you into a worse financial situation.
Don’t try to get out of your debts as that isn’t honest. Romans 13:8 says “Pay all of your debts“. Incurring debt may not be a sin, but failing to repay what you owe is.
I would recommend you read over my article Get Out of Debt for a proven method of getting control of your finances and getting out of debt.
May 3rd, 2008 at 3:34 pm
I totally agree that no company can get you out of debt quickly, it takes time, effort and discipline. I especially love your quote
“DonÂ’t try to get out of your debts as that isnÂ’t honest. Romans 13:8 says “Pay all of your debts“. Incurring debt may not be a sin, but failing to repay what you owe is.”
July 7th, 2010 at 12:24 am
Credit card debt settlement would seem to be becoming as a potential option for consumers dealing with credit card debt. I’ve been tracking the market rather closely and it is difficult to tell what you receive for the money. It is obvious that there are quite a few debt settlement providers out in the market that offer great debt solutions and the debt cusotmers truely get great benefit, but I am also aware that there are a lot debt comnpanies available today that are focused on collecting new customer fees and bringing in new customers. This is obviosly why there obviosly is all this new federal regulation covering the debt consolidation industry. My best friend utilized a debt settlement operation and is honestly very extremely satisfied with the overall results.
July 21st, 2010 at 2:41 pm
I know personally what it is like to be deep in debt and the struggle to get out of that debt.
I like the debt snowball idea, but found there was a way to add to it.
I had a MBNA account close to maxed out at 24% interest. I couldn’t get enough cash to make a dent in the balance. The interest payment was brutal.
I finally found a debt management program that substantially reduced my interest payment. Then I snowballed that. Kind of like a snowball on steroids. It still took nearly 5 years to pay off over $20,000. At least most of my money went to the balance.
In the end I paid my debt in full. My credit score improved all along the way.
I don’t know if I can leave a link here,
http://www.debtsynergy.com 800-810-5250
Hope that helps a little.
October 4th, 2010 at 2:08 am
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October 27th, 2010 at 11:57 am
You’re right. If it seems too good to be true, it probably is.