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Wednesday, June 1, 2011

Debt Relief has changed over time

The basic idea behind Debt Relief isn’t new. Different forms of it have existed since the concept of debt was first created. In the past, you were likely to be limited to either giving up most of your material possessions or becoming an indentured servant to your creditor. Sadly enough, both of those means still exist in slightly different forms today. However, there is a new way to achieve freedom from your debt that doesn’t have to involve such drastic and catastrophic changes in your life. It’s called debt settlement.

You don’t need to sacrifice your life for financial independence

Despite all of the marvelous technological advances we have made over millennia, the ways by which we handle debtors still retain some of their archaic consequences. For example, for those who decide to use Chapter 7 bankruptcy as their way of achieving debt relief, they’ll have their assets liquidated in order to pay back creditors. That doesn’t sound too far off from back in the day when creditors would just come by and seize your possessions as what they considered to be just repayment.
The other major way that people decide to handle their debt, and this method is actually more popular than even bankruptcy, is to do nothing. Rather than take an active step to get their debt issue resolved, many people decide to just continue making minimum payments for what they expect to be the life of the loan. What many of these people don’t understand is how much more than the principal they will end up paying by the time it’s all said and done. With the sky-high interest rates that you see in the markets with now, you’re looking at paying several times what you originally owed if you go the route of making minimum payments. The real horror about this course of action is that you fall into the indentured servant role of times past more than you might realize. In this form, not only are the fruits of your work you are breaking your back to get done going to the big banks, but they also strip away many of your psychological freedom as well. You’re not free from guilt when making a new purchase, free from anxiety when taking time to rest, or free from stress when taking calls from debt collectors looking to take every last penny. 

Fight back with this new form of Debt Relief

The biggest mistake you could make is to sit back and accept this kind of life as your fate or as punishment for your financial missteps. Other forms of debt relief are out there, and they’re just waiting to be tapped by someone in need of them. Every second you go on this way, fearing your debt and what it could mean from you and your family and giving up your entire paycheck to pay off interest, you’re giving up the life you wish you had.

1 comment:

  1. Thank you for this great article. I work for a <a href=">divorce lawyer<\a> and plan to pass this information on to some of the clients.



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