Michigan Debt Settlement, Debt Consolidation, Debt Relief in Detroit, MI

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Did you know?

Most borrowers don’t realize how badly the credit card industry rigs up its payment schedules to keep balances from going down or being paid off over the years. It’s worse than you think!

If you just pay the minimums, the balances will linger on for decades

Some studies have shown that average credit card borrowers who pay the creditor’s suggested minimum payment each month will take more than twenty years to pay off the balance at that pace. At the very least, most credit card minimum payment schedules will take well over ten years to bring any given balance down to zero. The portion of each minimum payment allocated to principal is only a tiny fraction of the total, less than five percent of the total, leaving the vast bulk of the payment to be applied to interest and annual fees. This keeps the cash flowing steadily to the bank for many years, and leaves borrowers in a state of credit slavery for a lifetime.

Results are even worse for borrowers who happen to be human (!) and make occasional mistakes, such as paying late once in a while, or missing a scheduled minimum payment due to illness, oversight or even a simple mailing error. Each time this sort of unavoidable event occurs, the debt balance is extended for many months. This is true because if only a few dollars per month (less then a tenth or twentieth of the payment) are going to pay off principal, and a payment is missed, then it will add ten or twenty months to the payoff period just to catch up with the already miserably slow standard payoff period of dozens of years. The situation is absolutely hopeless.

If you get into the habit of just paying the minimum amount, plan on paying that monthly amount for most of the rest of your adult working life. You will never break free of the credit card slavery situation unless you make much larger payments or negotiate reduced payoff balances through a settlement firm like RISK FREE. It’s hard to imagine a more sinister scheme to systematically drain borrowers of lifetime income. You have to take action to break the grip of credit slavery!

If you don’t even make the minimum payments, your home will be raided by creditors

When debt load seems overwhelming, most borrowers would rather put the whole mess out of their minds, and not even think about the accumulation of unpaid accounts. This ostrich-like approach of ignoring mounting indebtedness is no more constructive than ignoring cancer or an infection until it brings you to the brink of death. You can try to forget your creditors for long periods of time, but your creditors will not forget you or your homestead, where all of your belongings and valuables rest like sitting ducks, ripe for the taking. Eventually, your creditor will either take you to court or charge off your debt, and sell it to another company, who will buy it for a discount and take you to court. Then, the creditor (or its successor who bought the charged-off account) will get an automatic judgment and an order to execute on that judgment. This means sudden garnishments of your bank accounts, tax refunds and even your wages or salary checks. But the process doesn’t stop there. Many creditors will use process servers to sweep into your home in a sudden and terrifying way, with sheriff’s deputies flashing badges and a court’s writ of execution, authorizing them to seize everything in sight which is not attached to the walls of your home. Every belonging in sight, from furniture to collectibles can be hauled away, right in front of horrified family members, guests and children. Even titled cars can be driven away (unless one is subject to another creditor’s loan, awaiting repossession by that other creditor). Nothing except the four walls of your home is safe from the ravenous appetite of a creditor seizing assets by writ. The assets which are seized will be “auctioned” off at an obscure time and place, and will be sold at deeply discounted distress prices. fetching nearly nothing on the unpaid balance, leaving you and your family wide open for another surprise raid someday a few weeks or months later!

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Michigan Debt Settlement, Debt Consolidation, Debt Relief in Detroit, MI