Scroll to top

The True Power of Debt Elimination Programs


ndrs - August 14, 2016 - 0 comments

Many people use the term ‘debt elimination’ as a general phrase for debt reduction. You may have received email offers for “complete 100% credit card debt elimination” or other debt elimination services. In fact, a ‘debt elimination program’ is a well-marketed scheme that claims it can get rid of all your unsecured debt with no payback of any kind. Sound too good to be true? It is.

Debt elimination services will claim that their debt elimination program can eliminate 100% of your credit card debt. They’ll tell you that under the law you really don’t have to make any creditor payments. They boast that their debt elimination plan will result in court ordered judgments against creditors preventing them from ever collecting the unpaid debts.

Let’s examine some of the main concepts behind debt elimination services. A main component of a debt elimination plan is debt validation. Laws do require that creditors and debt collectors prove their claims, or validate your debt, if requested. It is true that often creditors sell your account so many times that eventually they cannot find your original credit application. Do you honestly believe you wouldn’t owe the debt? This is like driving 100 MPH and getting out of your ticket because the officer misspelled your name. But this is exactly what credit card debt elimination services will tell you. You’re not denying you used the credit cards. You just can’t afford to pay them off. Debt elimination services claim that regardless of what you spent, you can pay back nothing. One well-known debt elimination program boasts that you can even keep what you purchased on those cards while paying nothing. Doesn’t sound realistic or ethical, does it? But that is what a typical debt elimination plan states.

A debt elimination program will also tell you it doesn’t matter whether you are current or behind in payments. Debt elimination services will brag they have discovered a dark secret that banks want to prevent you from knowing. If complete credit card debt elimination were this easy, don’t you think it would be headline news?

Another “secret” that debt elimination services tout is that creditors do not actually lend money, but instead use your credit application to “create” currency for your use. The banks then charge you interest to use this currency that your application created. Debt elimination services claim that they use this information to throw out court judgments, stop collection efforts, and save you from paying on any credit card debt the fact remains: you filled out an application to borrow from the credit card companies. They have every right to collect what you spent if you don’t pay your invoices, despite the claims of the debt elimination services If you join a debt elimination program, you are begging for a lawsuit. Just imagine if thousands of people signed up for credit card debt elimination Do you believe the courts would allow everyone to repay nothing? If you want to sign up for a debt elimination program, just be prepared to defend yourself in court. In credit counseling or debt negotiation, you make a concerted effort to repay what you can. A debt elimination plan is designed to stiff the credit cards in an effort to avoid paying back anything. If debt elimination services and their credit card debt elimination guarantees sound too good to be true, then they probably are.

Simply ignoring or denying your debt situation will not make it go away as stated by the debt elimination services. The best step to true debt elimination is to examine the reality of your situation. If you can afford to repay your debts on your own, you should. If you cannot, then you may want to contact a competent debt reduction company to negotiate settlements for you. Don’t waste time or money with a fraudulent debt elimination program. Nationwide Debt Reduction Services is the first step to your debt freedom. Find the Right Debt Relief Solution, Start with a FREE Debt Analysis Call Toll Free (888) 987-1325

You don't have to scream "get me out of debt" anymore, Nationwide Debt Reduction Services is listening.

Find the Right Debt Relief Solution, Start with a FREE Debt Analysis Call Toll Free (888) 987-1325

Related posts

Post a Comment