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Sites found related to Credit
Services, Debt Consolidation or home owner consolidation
loans. Debt Consoladation Loans & Debt Services alternative
to loans and bankruptcy, chapter 7 and 13, offers free consolidatio
quotes
dir.yahoo.com/Business_and_Economy/Shopping_and_Services/F...rvices/Debt_Consolidation
Information release on ...
(PRWEB) April 8, 2005 -- The American public has been brainwashed
into believing there are only three acceptable ways to eliminate
or discharge their unsecured debts. Hire an attorney and file
for bankruptcy. Find a non-profit outfit that will consolidate
their payments into one low monthly payment. Take out a home
equity loan and pay off all those high interest creidit cards.
This is simply not true. There are other alternatives. Safe,
legal, alternative, onlnie information. Many times, these
alternatives serve a debtor's interest better than bankruptcy,
consolidatio, or homeequity loans.
Before you choose bankruptcy there are some facts you need
to consider. When you petition the bankruptcy court you are
putting your financial future in the hands of a judge. A judge
who turns over the negotiations to a “bankruptcy trustee”
who's solution is usually accepted by the judge and who, by
the way, works for the creditors, not you. In addition, you
are putting all your debts and all your assets on the table.
You can't pick and choose what debts and which assets are
to be considered.
Consider. You have an agreement with the debt consolidation
company, not your creditors. The debt consolidation company
has the agreement with the creditors. The debt consolidatio
company gets the creditors to agree to a reduced payment and
in exchange they agree to pay the debt consoladation company
oline a fee and not to harass you. This doesn't mean the bank
is reducing the interest rate on the debt nline, waiving the
underpayment fees, or waiving the late payment fees, etc.
What it does mean for the bank, they now have a performing
asset that they don't need to write off. The debt consoldation
company and the banks are happy, at your expense.
The dumbest idea I think being promoted today is a home equity
loan to payoff unsecured debt. Why would any reasonably intelligent
person put the equity of their home up as collateral for unsecured
debt? It's a great idea for the mortgage companies and credit
card banks; but, is it really in the best interest of the
home owner?
The alternatives? There are many. Most, if not all, use the
fact that the banks don't really lend money. At least not
to you. This is not some wild off the wall fantasy. It is
a simple fact stated by the various federal reserve banks
in their publications.
The most often quoted is from the Federal Reserve Bank of
Chicago in its publication called Modern Money Mechanics:
“Of course, they do not really pay out loans from the
money they receive as deposits. If they did this, no additional
money would be created. What they do when they make loans
is to accept promissory notes in exchange for credits to the
borrowers' transaction accounts.”
Like all things financial, you should do your due diligence
before using any alternative method. The most important thing
to look for? Will the people behind the process stay with
you even if everything goes wrong? Will they stick with you
and give you all the information and support you need should
one of your accounts end up in court? Something no one can
guarantee against, no matter which of the above processes
they offer.
The American public has been brainwashed into believing there
are only three acceptable ways to eliminate or discharge their
unsecured debts. Hire an attorney and file for bankruptcy.
Find a non-profit outfit that will consolidate their payments
into one low monthly payment. Take out a home equity loan
and pay off all those high interest credit cards. This is
simply not true. There are other alternatives. Many times,
these alternatives serve a debtor's interest better than bankrptcy,
onsolidation, or homeequity loans.
HowToGetRidOf.com is an online alternative method of debt
elimination.
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