Consumer Debt Is In Luck – New Rules

Mon Sep 27, 2010, 5:47 am | 1 Comment

New rules about debt are coming in this week. If you are heavily in debt, you and your debt companion – some debts are living, they breathe – are in for a pleasant surprise. Over the years since the beginning of the human era on this earth, debt settlement companies have adapted marketing tactics as if they were gods. If they had their way, they would impale the already weak consumers in debt and hang them in the town center after squeezing them of the last drop of their financial blood.

The two big bullets to protect consumers’ sanity about debt will be in effect this week.

1. No more impaling. New rules severely limit the marketing tactics of debt settlement companies.
2. No more anaconda squeeze. The firms won’t be able to collect large up-front fees any longer.

Adapting anti-stinking debt lifestyle…

Don’t think for a moment that you are off the hook about your debt. You still have obligation – moral and legal – to pay off your debt. Your debt will not go away because of the new rules. But adapting some changes in your financial lifestyle will curtail your debt and eventually you would not feel like being squeezed and impaled by anybody.

Take the matter in your hands about your debt. Remember the new rules will be in effect to protect you from the anacondas of the particular time in your life. They won’t protect you from going again and again under the spell of debt. Americans in particular don’t believe in “once bitten by a snake is always afraid of a piece of rope.” They seem to keep making the same debt mistakes.

Four debt options…

1) Debt consolidation, 2) Debt settlement, 3) Credit counseling and 4) Bankruptcy “don’t mean nothing” unless you change your mindset from spending more than you make to spending less than you make.

Because of these four options that are available to you, even if your financial life becomes relaxed from the heavy debt burden that you have been under, you can still go under the spell of debt if you don’t change your mindset for the better. Only you can get out of stinking debt, not the four options available to you.

In a Nutshell
You must be familiar with the new rules taking effect this month. Take an active part in questioning the debt settlement companies. Remember a law has two faces: 1) Theory, and 2) Practice. A law just on paper “don’t mean nothing” until it’s properly implemented and strictly followed. And consumers can help but they first have to know their rights concerning the law, any law for that matter.

No related posts.