In my daily conversations with people regarding their debt
problems, there is a very discouraging theme that I
encounter. Too many people were supplied with too many
credit cards. All this available credit with all this
spending power in their wallets gave people a false sense
of financial security.
Some people spread out their spending on multiple cards.
This kept the minimum payment low on each card, but they
failed to realize the total debt they were building. At
some point, the reality sinks in regarding their total
debt. For some, an unforeseen hardship occurs, making it
hard to keep up on the payments; even the minimums.
That's when the idea hits: Just borrow some credit from one
card to make the payments on another card. This way, there
is no out-of-pocket money this month. Then can catch up in
a month or two. This seemed like a bright idea at the
time, until the following months rolled along, and they did
not catch up. In fact, just the opposite occurred as they
continued to borrow from some credit cards to make payments
on others.
We have all heard the common term for this; "Rob From Peter
to Pay Paul". This vicious cycle eventually leads to
financial disaster. Sure, the payments are being made.
But the growing interest charges and balance transfer or
cash advance fees will put you much further into debt.
I have talked to many people caught in this trap. Some
have juggled well over $100K of debt this way. Ironically,
most of these people are proud of themselves and tell me,
"I've never missed a payment. My credit is spotless".
Unfortunately, they eventually run out of credit and their
financial house collapses.
Of course, these people are not speaking to me until they
realize the situation they are in. They realize that
unless they win the lottery, this debt will never be paid
off. Note: Chances of winning the lottery in hopes of
paying your debt is even riskier. Please don't get caught
in that trap either.
Once in this trap, people go looking for a way out. Some
people have too much income to declare bankruptcy. A
consolidation program may lower the interest, but it still
needs to be paid. A settlement for 50-60% of the balance
may be good, but is still out of the financial reach for
many people struggling with debt.
Instead, consumers can turn to debt elimination. An actual
elimination program enables you to legally discharge 100%
of unsecured debt without bankruptcy, consolidation, or
refinancing. This gives the consumer a fresh start in
their financial lives. In addition, the education that a
person receives with a good debt elimination program will
help ensure that they do not get caught in this credit trap
again.
For many, the idea of being able to eliminate their debt
seems too good to be true. Naturally, most people are
immediately skeptical. However, it is important that
people have an understanding of what credit card debt
really is, what really happens when you obtain a credit
card, and what takes place when you use it. Only then,
will a person understand how elimination can be
accomplished.
Since bankruptcy may no longer be an option for many
people, consumers and small business owners are now finding
this type of debt relief is actually obtainable. Also
their credit scores are higher after completing this
process.
It is possible to get new beginning on your financial life.
You could call it a "do-over". Best of all, there is no
credit-sting or shame of bankruptcy".
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Billed as The True Debt Advisor
(http://www.TrueDebtAdvisor.com), Jim Vrana's mission is to
educate and empower people to overcome their financial
challenges. The time-tested legal procedures used to
eliminate credit card debt have been used by thousands of
people with tremendous success.
Contact:
Jim Vrana
(800) 637-1785
http://www.TrueDebtAdvisor.com
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