Tuesday, May 10, 2011, AM | 3 Comments
Millions of folks are struggling with debt. As the number of debt holders have increased so have companies that offer you the world and claim to make your life free of debt almost overnight. If you have not received mail in your mailbox yet, pretty soon you might get an offer like that. These offers are made by companies who are known as debt management companies, credit counseling companies and debt elimination organizations. They seem to have sprung from nowhere just like weeds coming out in your lawn in springtime. That’s the byproduct of bad economy.
Debt has very specific characteristics with a downward force in your financial life. When you are in debt, your shoulders become weak. When you walk in your neighborhood, the once high-held head is now held low. Your eyes are down as if looking for something, hoping you will find your wish somewhere on the street. You know! A wish by just wishing does not come true. You must work for it.
Be Very Wary Of Debt Settlers
But then again, there are schmucks and scums in this beautiful world of ours – yap! even with them roaming around the face of the earth – telling you they have finally come up with an answer for your wish to come true. They have solved your debt problem. Obviously, these companies are in to make a buck. The majority are not there to help you. They exist for the sole purpose of making their wallets thicker.
Beware and be warned there exist no such humans. If you have a small drop of financial blood left in you, they will come and suck it right out of your financial world. You will not be able to do a thing. To inject fresh financial blood in you and to hold it in you will take time. The blood suckers, in a fancy world, are known as debt settlers. Some of the debt settlers even claim that they can write your debt off.
Here is how my 60s friend explains debt settlement
I asked my 60s friend “what the heck is debt settlement.” He is one of those hippie types but once in a while he has the habit of using some fancy words.
Debt settlement is the end result of debt negotiations, whereby a process of either saving money with the intent to later negotiate a one time payment with your creditor(s) or having a lump sum to start with.
The benefit of this process is saving both money and time, many people who enroll with a legitimate debt settlement company often times will see themselves saving close to half of what they owe and get out of debt within four years or less.
Go figure that one. Did you get that? I sure didn’t. My friend actually sat down at the keyboard and wrote those words. In the words of Stephanie of Full House TV show: “How rude.”
I told him I said “The good folks who are heavily in debt are not gonna look for definition of what a debt settlement is. They just want to get rid of their debt.” He said “you asked me a question and I gave you an answer to the best of my abilities. Anyone saying something less is a schmuck and a scum.”
Non-profit debt consolidation
If you search online for non-profit debt consolidation, you will find a warning saying that not all non-profit debt consolidation companies are non-profit. Some might give you the impression that they are, but they are not.
However, having said that, there are definitely some legitimate companies that might be able to help you. Legitimate non-profit debt consolidation companies can offer their services for little to no cost through funding from donations, creditors and government grants.
The Better Business Bureau is one of the best ways to check the reliability of a company online and offline.
In a Nutshell
Don’t go by the fancy words. If the schmuck cannot explain it in simple words to you and if you don’t understand the mambo jumbo of a debt settler, move on.
There is a saying in my mother tongue. “If you are bitten by a snake once, be afraid of a rope.” There is a saying like that in English, but I just can’t remember.
Just be afraid and be careful. Take your first step towards a debt-free world with caution. Watch out for the financial blood suckers and find a good Credit Counselor.Facebook.com/doable.finance
- May 10, 2011: Be Very Wary Of Debt Settlers | Debit Solution and Guide
- Aug 21, 2011: Debt Settlers | Debt & Credit Blog| Free Online Tips and Resourses