Digging out from $80,000 in debt

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StandardJohnDoe
September 24, 2009

"The average American household has $8,329 in credit card debt, according to the Nilson Report, a credit industry newsletter." Lovely, there are many flaws with this video, first of all, 1. Non ...

"The average American household has $8,329 in credit card debt, according to the Nilson Report, a credit industry newsletter." Lovely,

there are many flaws with this video, first of all,
1. Non reliance on LEGAL counsel,
- Credit or debt solutions/agencies are not lawyers, perhaps their education or training is that of a weekend seminar (literally), I am unaware of any educational requirement for any state.
2. The debt can be paid off over a fixed number of years
- ANy reasonable person could come to the common sense conclusion that all small business will take a dive in sales, some more then others, The ladys (Dawn Warfield) payments and false sense of security are based on the premise of continued sales at a flat level.
3. No mention of bankruptcy--
Sometimes bankruptcy is the only viable and sound option

Some things to consider if you are in the same situation, first of all, credit and debt agencies are staffed by people who have (most likely) no legal training or experience,
Bankruptcy- may be the best option for some, one needs to perform a detailed income-expense report highlighting anticipated shortfalls in incomes- then weigh legal options as to whether or not bankruptcy is best, because sometimes mathematically it could be deduced that a person (even on straight and uniform incomes) will never be able to pay off a debt (due to compounding interest).

Some credit agencies will tell you that they will lower all your credit card APR, but that is a lie, NO credit card is obligated to comply with the request of a private third party, because the debt/credit solution/agencies are indeed a third and private party.

Bankruptcy however has a more straighforward approach, all debts are removed (alimony/child support/school loans/taxes/ and a few other forms of debt are exempt)

Be extremely cautious if your credit card agency is advising you to refinance your home to pay off your credit cards, In fact, Be extremely cautious with any advice,

SEEK LEGAL COUNSEL WITHIN YOUR STATE, spending $400 for a few hours with a lawyer can possibly save you hundreds of thousands of dollars--- /your home/your personal financial security.

Source CNN
By Jennie Bragg updated 8:34 a.m. EDT, Tue September 22, 2009
http://www.cnn.com/2009/LIVING/workli...

Category: News & Politics

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