You have all seen the ads on television, and heard them on the radio: “If you are more than $10,000 in debt you may qualify for our program. We will negotiate the debt down to where you save 60% of what you owe!”
The perfect way to really hurt yourself is to get in bed with these guys. Because in a short period of time you will realize more went on in that bed than you bargained for!!!!
Ask yourself the question: what would motivate a creditor to negotiate the debt down to 40% to 60% on an open, active, current account? Answer: there is no motivation. Ask me sometime just how bad you will be hurt.
Next! So you think why wouldn’t the creditors negotiate with me? Call one and the following things will likely happen.
- You just identified yourself as a poor risk to that creditor.
- Your Credit Limit just got lowered to near your balance.
- Your Interest Rate just shot to the top of the range.
Should this happen to you, in all likelihood your credit score just took a serious hit too!
If you feel you need to try to get some upper ground on your finances I recommend you download my free Excel(c) Budget and Debt Schedule which can also be used in Google Docs. Once you have the file open you can call me with your questions. Once completed we can go over it together to establish a game plan.
We always provide a light at the end of the tunnel…
And can assure the client that it isn’t an oncoming train…
However, the length of that tunnel will vary with each individual.
Let us help you with your financial, and credit challenges. You will be glad you did!