As more and more Americans are finding that the banks
have become less and less cooperative when consumers run
into a tight cash flow, they have more motivation to enter
debt settlement programs as a first step in moving to an all
cash lifestyle. I have been counseling on debt for over ten
years and never before have so many debt ridden consumers
been less concerned about their credit scores and more
interested in eliminating debt.
People are finally realizing the freedom that living a
debt free
life affords them. Just imagine for a moment suffering a
sudden lossof income and not worrying that the bank was
going to take your car away. No choice to be made between
paying the mortgageor eating less food that week. Not having
to go to Uncle Vito and get a usurious Pay day loan at 350%
annually! Yes, that is correct. And by the way, there is now a
specialized program for Pay day loan debt settlement to break you
free of these. Consumers have actually mentioned to me that
they are being stressed by trying to remember the due dates
on their credit card payments because there are so many of
them, and they know that the banks will punish them with 29.9%
interest rates , or a lifetime payment plan which will enslave them
if they do miss even one payment.
Do you think that any of this is accidental? Why won’t
the banks
extend even an ounce of mercy by trying to work with you
the hard working consumer doing everything to try and pay off
the credit card debt in full over 40 years. Simply stated, it is
called having a Central Bank, also known as the Federal Reserve
to back you up. Yes, when a bank loans you, say, 10,000 dollars,
they only need to put up a fraction of that money from their own
reserves, and the balance comes from the Federal Reserve Bank,
hence the term, fractional reserve system, which is what we live
under. So, by simply not helping you in your default status, they
will actually be made whole again, and that will offset their loss.
Very pragmatic on their part, and very bad for you.
As the bank is operating by the “What’s in it for me”? attitude.
So, frankly, What’s in it for them to help you? Nothing.
I would urge you, as someone who has taken this step
personally,
to noy just let this be an interesting article you read, but to give
serious consideration to the idea of living without credit as a liberating
lifestyle change. One of the reasons is simple. Remember the Bob Dylan song “A
Change is Gonna Come”. I absolutely guarantee you that we are a year or two
away from a change so sweeping that it will make 2008 look like a boy scout
jamboree. Yes, let’s start a movement!
The ADE Debt Relief Phone Numbers
Free Credit Counseling--- 877-766-2465
Student Loan Consolidation---877-766-2465
Free Bankruptcy Counseling-- 516-204-4640 (National Number)
Credit Restoration Counseling-888-586-2661 Inc. Credit Report Review
Pay Day Loan Settlement-305-492-7856
Each of these numbers provides Free Counseling.
Yours Truly
Steven Ciantro
Consumer Advocate
American
Debt Enders
Rated 3rd Nationally
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