Money Bumper

Debt reduction and debt elimination programs: what’s the catch?

Debt reduction and debt elimination programs: what’s the catch?
July 24
14:10 2014

man is surprisedYou must have heard about these programs a lot through social media, on radios and televisions, ever wondered these programs that sound too good to be true are they for real? If not, then what is that they are hiding or downplaying? Well, this following article of moneybumper.com is going to focus on the same and through this we will let you know about the major characteristics that all these programs have in common.

First of all what you need to know is that what they claim to do for you is true, but the way it is presented is very carefully articulated. The words that are used to convey what they are claiming are so meticulously chosen that it leaves little room for them to get in trouble at any time and yet convincing enough to lure customers. The claim is constructed in a manner where it focuses solely on a person’s economic standing, they draw a comparative analysis where they determine how at a particular date the level of debt of that person differed from the level of debt of the same man on another date. Now it seems that these programs are so much zeroed in on the financial stability of the person that people tend to overlook or get sidetracked from many factors that are not mentioned.  There are a number of things that being a rational and financially responsible person one should consider. Some of these programs can prove to be fatal for the credit score that you have and can mar your credit report. Now it may vary from one program to another how they’ll do it but all of them at some point will be in a tug of war with the creditors. It may sometimes succeed, and  there is no denying that you will benefit big from it, meaning you will earn considerable reduction in your debt. But there are negative repercussions also like it may get a blotch in your credit report saying that the debt you currently hold has been negotiated, this will translate into a negative impact on your score for a long time. Now when you have bad credit score automatically the rates that you incur in insurances or loans will skyrocket.

Many of these programs often charge quite some money for a simple negotiation. Any program you pickup of this kind and you will notice that the tricks that they use are more or less same and are widely adapted almost everywhere. Simply constructing a plan that will help you reduce your debt by negotiating with your creditors is not a big deal and hence does not warrant such hefty fee; with a little effort anyone can do this on his or her own.

These programs have been designed keeping in mind those people who have no idea what to do and are not willing to take the reigns in their hands. Those who go for these programs no doubt are the ones who are in a very sticky predicament, but the thing that works most in favor of these programs is that these people have no idea whatsoever about the ongoing actions. These plans are an expensive endeavor; they charge you for their services and their actions make you pay later on in terms of higher rates. Therefore, it is better if you familiarize yourself with some basic tactics and then try them out on your own. You can take advice from people you know personally. When you try it out on your own things will be a lot more productive and in case if you still feel lost after a while you can go for professional assistance.

Share

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment