What a relief, there I was wallowing in credit card debt. There was no way out. I had even gotten accustomed to it. I made the payments and if I needed a bit more cash I could make a bigger payment to one of my bankcards to free up some cash. Then my transmission went out. All my cards are maxed out, all my cash goes to make the credit card payments.
I am not the smartest guy out there, but I knew I was in real trouble. Oh, yea, I traded in the car for another. Just how ridiculous is that. I can't afford two thousand dollars to fix my old car, but can finance another 20 thousand for another car and a payment I can't afford. Geeesh.
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Good News is always around the corner. I was online just burning up some time and I found this news thing that said there was a government program that would actually pay my credit cards bill for me. Wow, what a great deal! The government has lots of money, I mean they print the stuff, right? The credit card debt forgiveness act. Who couldn't like that idea?
Too bad it is all a SCAM!
Yes, I said it out loud.... There is no government program out there that wipes out personal debt. Not credit card debt, Not student loans, Not mortgages. It simply does not exist. If you really don't want to pay debt you willingly entered into then get an attorney. At least get a good attorney and discuss bankruptcy. It is the only means out there to do what you are looking for.
If you really, truly can't pay for whatever reason. Bankruptcy is not a terrible thing. It is a tool for the consumer to start over. In exchange for being relieved of your debt obligation there are some things you have to accept. The biggest being the long term affect on your credit.
Your creditors do not EVER have to do business with you again. Some credit card companies keep their own records. Once you file bankruptcy against them, they simply won't deal with you again. The vast majority will be hesitant, but will loosen up IF you are handling your bills responsibly. Collection calls must stop in a bankruptcy. The courts stand between you and your creditors and collection agencies.
Chapter 7 bankruptcy essentially wipes out your debt. There are limits that vary by state. Speak to an attorney in your state for details. Note: Student loans cannot be discharged by bankruptcy, neither can back taxes. A chapter 7 filing stays on your credit report for 10 years.
Chapter 13 bankruptcy is a court ordered payment plan. Basically they add up all your debts and divide the total by 72. You then make 72 monthly payments directly to the court at zero percent interest. Then you are debt free, your credit is ruined. A chapter 13 Filing stays on your credit report for 7 years.
Other debt solutions out there are also just plain scams. Simply put, these days, debt settlement and debt arbitration are scams. They do have some legitimate applications but none of those are being promoted on the internet. If a company requires your checking account number and approval to debit your account BEFORE they will discuss anything else. Just hang up. It is a scam.
If a company collects large fees in the first few months and will not be providing any of the service you expected during that time... it is a scam. If a company is going to save YOUR money for you, while extracting their fees.... It is a scam.
Don't believe me? The Federal Trade Commission has a lot more to say about these things - http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre02.shtm. If a company wants you to make a "good faith" deposit in their account... it is a scam.
The Credit Card Relief Act Does Not Exist, It is a Scam!
There is no free lunch out there. There are ways to pay down debt without bankruptcy.
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