November 23, 2005

 

Help! I have fallen in debt and can't get out!

Is this the new battle cry of the American financially strapped?

It certainly seems that the powers that be want us in debt and for the longest period of time as well.

I have come to the conclusion that banks have two agenda for us consumers:

*Find every way possible to put us in debt
*And, find every way possible to keep us in debt.

Could it really be that simple? I believe so.

Lets take a look at this more closely. Over the last two years bankruptcies have been going up in record numbers. By survey almost 70% of people with credit card debt admit that debt is ruining their lives and a major source of pain. Once we are in debt there doesn't seem to be a real way of getting out of debt unless involves it punishment of one sort or another. But should it be any other way?

In 2004 the bankruptcies that were done were surveyed and it was found that half of the bankruptcies at that time were due to unforeseen medical situations and the high cost of medical care. These were upstanding middle class Americans earning a good wage. This is the un-thrifty spendaholics that the banks have disseminated to the politicians.

Using that mentality the banks and more specifically MBNA lobbied (bribed) congress to enact the bankruptcy laws with hundreds of million dollars. Was the law to protect and help the consumer from their unfortunate circumstances? Hell no! The law was created to line the pockets of the banks. Period!

Most consumer advocate groups agree that these new laws will hurt the consumer and the American economy in the long run, but not after the banks have milked the American consumer of billions – BILLIONS – of dollars. Our only hope is that we get a Democratic government this new election that is not in the pockets of the banks. Guess that leaves out Hilary Clinton (was that too catty?)

Banks/Credit Cards are now targeting high school and college students for their financial drug cards. Get this unsuspecting and uneducated students addicted to spending with plastic even before they are even making any money. These actions sound very similar to the corner drug peddler. And of course once hooked there is no escape.

Of course the banks offer consumer credit counseling as the one stop shopping solutions to all Americas debt ills. Yes, it is beneficial for certain consumers no doubt, but it by far the best solution for everyone. There are many solutions to get rid of debt. Well per the second agenda those options have been severely narrowed. Bankruptcy is harder and more expensive. Debt settlement companies are being legislated out of existence state by state. So what is left?

Well there is credit counseling the banks love. By why do they love it? Because credit counseling does not have the purpose of getting you out of debt. Its intended goal is to collect the money for the banks before you go bankrupt. You could always go to an attorney that will charge you huge hourly fees, and then there is....Well there is nothing else.

So what happens when credit counseling is not right for you and will not help? Or attorneys are far too expensive to hire? What do you do then. Well...as the banks would love to have it...you grin and bare it and pay up...for the rest of your lives.

But is there a third option? Yes. You can settle your accounts on your own. That is if you can tolerate a little harassment every now and then. But you and I know that you can't stand that confrontation, because if you could then you wouldn't be so bothered by collection agencies now would you.

But the solution does not lie and the end of the problem, but rather at the beginning. The solution to getting out of debt is to never be in debt. Use cash only when making purchases. Save your money up. Learn about about money and budgets. That is how you get out of debt.

But I can't armchair quarterback any more than you can. So if you are in debt, the best thing to do is get the advice of someone that knows the industry and recommend the right solution for you based on your particular situation, and one that won't give you the same “solution” every time. Everybody has a different situation and so therefore needs their own solution. You need to find someone that can give you that advice that doesn't have a vested interest in any particular “solution”.

I have worked in the debt relief field for some time now and have consulted with thousands of clients about their debts. I know what it is like to have debts as well. My debt s caused me to lose everything that I held dear. But you can avoid that if you act now.

If you are interested in getting out of debt for real, and are just tire kicking, give me a call at 323-953-0704 and leave a message, or email me at sponduliqs@yahoo.com. If you even need it I can coach you through your own debt management program based on your unique situation. I would love to hear from you.

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