Debt Views

It’s probable that you already have so much debt you need to stop making more debt! Sounds easy, correct? But the same things and temptations that got you into debt are probably still there. Make sure you get rid of all your credit cards maybe saving one for emergencies, the temptation to spend will be lessened by this and you can keep control of your spending.

Are you afraid of legal action your creditors might take during this period of delinquency? Can they sue you? Certainly; after all, you owe them money and they are within their rights to take whatever actions may be necessary to collect that money. But, the question should really be: Will they sue you? It’s possible, but not probable. You see, normally less than 5% of delinquent accounts actually end up in a courtroom. Creditors will typically prefer to settle your account before they send it to an attorney for litigation. And, even if the account does happen to end up with an attorney, it’s more than likely that the account can be settled for less than the full balance through negotiations with the assigned law firm.

Debt consolidation is not the way to go. You can find plenty statistics from a website offering debt consolidation services. Unfortunately, most folks misunderstand and misuse these services…and get further into debt. These services can be creditors in disguise.

America, pay attention! If you want to be debt free, first cut up your credit cards. Second, find a plan that will work. Third, find an agency that will be affordable to your pocket. I will tell you what those high retainer fees are for, they are for the debt relief agency owner to drink cocktails somewhere in Panama or Mexico.