subject: Debt Relief Programs - What Your Creditors Don't Want You To Know About Unsecured Debt [print this page] Debt Relief Programs - What Your Creditors Don't Want You To Know About Unsecured Debt
Unsecured debt in form of credit cards or personal loans have created a lot of trouble for the consumers. The worst thing about these unsecured loans is that they have high interest rates and if are not timely with your payments, you are in deep trouble. The interest rates add up in a compounded form and even before you realize what has happened, you are already under huge debts. It has therefore, become mandatory that you must take care of your unsecured debts asap! Using a debt relief program can help you a lot and you can get out of the debt pretty soon and save some good amount of money. However, the biggest problem that the consumers face is that they are ignorant about certain facts and these facts are kept hidden by the creditors for their own benefit. Well, that is capitalism! One benefits and the other loses!
The creditors are cunning and dealing with them will require expert help. There are certain things which the creditors do not want you to know. They will want to keep you in the dark so that they can benefit. Here is what they don't want you to know about unsecured debts:
1. The first thing that the creditors will not want you to know is the structure of the minimum payment that you are making every month! The minimum amount is actually the profit of the creditors which they realize by keeping certain hidden charges. You will never know about those charges. The creditors will want you to keep paying the minimum due. Take a look at the previous credit card bill and you will be surprised to see that even after making regular payments towards the minimum amount due for months, the actual balance that you owe to the creditors has not reduced! What does that mean. It means that you are not making payments towards the repayment of the debt. Instead you are making payments to actually make the wallets of your creditors thicker and thicker.
2. The next thing that the creditors do not want you to know is that debt settlement is your legal right. They will keep sending threatening letters and you will get threatening calls from the collection agencies for repayment. They will put mental pressure on you so that you may not divert your attention towards the relief options and start paying out of fear. With settlement you can actually eliminate a huge portion of the debt that you have and this is completely legal.
So, it is important that you must know your rights and you must know what you can do with your debts. Act wise and enlighten yourself with the power of knowledge to avoid financial troubles.
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement. Check out the following link to locate legitimate debt help in your state.
