The 5 Dumbest Things You Can Do If You Have Too Much Debt
If you’re struggling with too much debt you’re not alone. It seems as if the whole nation has a borrowing hangover. For years, credit was easy and many people became overextended. But, we now live in an era of austerity and it’s time to get our affairs in order.
The first advice of experts in the field is to be sure you don't make your situation worse by making common mistakes. In particular the five strategies you may want to avoid:
Paying only the minimum payment on your debt, as this will result in the amount you owe actually growing, and your problems will only become worse. They're right here, although for many people the minimum is all they can pay, for some even this is too much. But the truth is that much as they preach against making only the minimum payment, they're hoping and praying this is all you do pay each month, because they know that you'll be paying the rest of your life and thousands more in interest. It's the key, together with dependence on your cards, to making you a slave. That's right a slave to the banks.
Relying on friends and family, as this can damage relationships with the most important people in your life. This goes without saying really. You borrow money that you can't pay back. It ruins friendships and families.
Unscrupulous credit counselors that demand cash upfront, or high fees for help they promise, but don't deliver. Another one that goes without saying. THESE PEOPLE ARE THIEVES!!!! They sound good, they tell a great story, they even make good sense. But they're thieves, trying to get your money. You're already having financial problems, can't make your payments, house being forclosed, whatever, and somebody calls offering to solve your problems if you agree to pay a couple to a few thousand dollars, does that make sense? It does if you're that company or that telemarketer, they get your money, all you get if deeper in debt, as Tenessee Ernie Ford sang, you'll owe your soul to the company store...
Using new high-interest loans to pay off lower interest rate loans--while it may be easier to just have one payment, it will actually increase the amount you have to pay back. I did this, it doesn't work, period.
Declaring bankruptcy - avoid if you can, especially when debt settlement may work for you... AVOID THIS??? Not if you have half a brain. This is the answer to getting your freedom back. Stop being a slave. Every debtor in the USA should file bankruptcy today. Crowds of protestors can stand outside holding signs until doomsday but if you really want to break the banks, those friendly organizations that're flushing this country, this world, down the toilet, everybody that can should file Chapter 7 BK now. I did it and so can you, if you have more bills than you can pay, you have no job or little income, you're upside down on your mortgage or in forclosure. Are you trying to pay your bills and can't, or dodging bill collectors hoping that you'll come up with the money to get back on track somehow? File Chapter 7 BK, or Chapter 12 if you want to set up a payment program through the court. To find out for sure if it's for you, hook up with the best lawyer you can find and talk to him or her, explain your circumstances, and find out for sure what your options are. But, as I said, forget picketing if enough people file BK it'll break those bastards by hurting them where they'll feel it. A friend's always quoting Eddy Murphey's character Billy Rae Valentine in Trading Places where he says: "Yeah. You know, it occurs to me that the best way you hurt rich people is by turning them into poor people." That applies to banks too. Draw your money out, and file bankruptcy, break the bastards.Debt Settlement is a scam, a lie, they'll take your money and you'll get nothing but further in debt. Don't do it file BK instead and instantly get out of debt, wiping the slate clean. There is a downside but the upside is you'll be debt free. Find a lawyer and check it out.
Lee Murray
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