PERSONAL DEBT CONSOLIDATION

Personal Debt Consolidation - Free Online Database For Debt Solutions & Free Debt Advice.


        Understanding Personal Debt

Personal Debt is defined as “good” or “bad.” It is also differentiated from
expenses such as normal recurring bills. 
Generally speaking, debt is any bill where the consumer is charged interest
but may also include medical bills, auto repairs, home renovations where
materials are charged or a contractor is owed.

  • Good Debt: Mortgage and student loans
  • Bad Debt: Any debt with interest (with exception of the above) such
    as credit cards, auto loans, personal loans, charge accounts,
    payday loans, etc.

Robbing Peter to Pay Paul is a method of stalling that usually involves
intentionally being late on some payments in order to be able to pay
another payment. The idea is that next month something good will happen
and life will get easier. But this rarely is the case.
In reality monthly financial struggles can and often do turn into years of
hardship that ultimately takes a heavy toll on the family. Many try creative
ways such as refinancing or taking out a second mortgage to funnel in new
monies and keep things going for as long as possible.

There are only so many creative ways to manipulate personal debt, but in
the end, debt owed cannot be avoided.
Personal debt consolidation does work for most but there are some
variables to consider before lumping all your debts into one payment.
See our reports on Debt Consolidation for details about the program.

The financial industry wants consumers in debt. Banks, finance
institutions, credit card issuers, personal account granters, auto lenders
etc, all want you in debt and it’s not even the principal they are most
interested, it’s the interest!
Think of it this way; if you were lent $10,000 today and paid back
$10,000 next week how does that profit a lender? It doesn’t. But if the
lender can get you to make the bare minimum monthly payments while
charging you a high interest rate then they are going to profit from you a
lot more then they hope you will ever know. It’s all mathematics with
some statistics thrown in.
The money will always increase for the lender and statistically if the
consumer can be enticed into enough debt then the consumer will
traditionally become a slave to the lending industry.

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Fighting Back

Debt education includes knowing what your rights are. Say for example you
get a bill in the mail claiming you owe ‘x’ amount of dollars to company
XYZ. The problem though is that you never heard of company XYZ and
therefore do not believe you are indebted to them. What should you do?
You might try calling, but in today’s age of computers and many
companies existing as branches or subsidiaries of larger companies,
often have poor internal communications within organizations. And having
to talk to a customer representative that you can hardly understand,
using the phone may be more work than paying the debt itself.
Instead, simply send a debt dispute letter and let them do all the work.
Using the phone means you must try to remember when you called, who
you talked with, and what was said. Even then you have no way of knowing
if the person on the other end is actually going to take the time and
resources needed to resolve your issue.
With a debt dispute letter you have everything right from the start
documented, it is your protection and lays the burden of proof back on the
company demanding payment (just remember to keep a copy of all
correspondence for your records). Here is an example of such a letter you
can print off the Internet for free.

 

Debt Collection Dispute Letter
 

                                                                                     Today's Date

Your Name
Your Address

Collector's Name
Collector's Address

Dear Collector,

I am writing in response to your (letter or phone call) dated {insert date},
(copy enclosed) because I do not believe that I owe what you say I owe.

This is the first I've heard from you, or any other company on this matter
therefore, in accordance with Section 809 - Validating Debts of the
Fair Debt Collection Practices Act, I respectfully request that you provide
me, in writing, the following:

  • What the money you say I owe is for;
  • Explain and show me how you calculated what you say I owe;
  • Provide me with copies of any papers that show I agreed to pay
    what you say I owe;
  • Provide a verification or copy of any judgment (if applicable);
  • Identify the original creditor;
  • Show me that you are licensed in my state, and provide me with
    your license numbers (if applicable).

If you have reported me to any credit reporting agency, then I insist that
you inform them that I have placed this debt in dispute and provide me
with proof that you have done so. I also demand that you immediately
send a copy of this dispute letter to the company (creditor) that you say
I owe money so they are aware of my dispute with this debt.

Finally, in accordance with section 805(c) - Ceasing Collections, of the
Fair Debt Collection Act, do not contact me about this or any other matter,
except by official mail and then only to advise me that your debt collection
efforts are being terminated or that you are taking specific actions allowed
by law.



Signature
Printed Name
 

         A note from the author:

        Sometimes the most difficult step in eliminating debt is to actually speak to an
        advisor about your debt problems.
        Consumers need to realize that obtaining professional advice may be their first
        and most important step towards being debt free.
Anyone can get a
        Free Debt Consultation with a professional Financial Advisor without any
        obligation.


       E. Michael Gelman
       Senior Debt Advisor

 

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