http://www.destroydebt.com/blogs/debtreliefguy.html Choosing the right Debt Relief Company www.destroydebt.com Tue, 02 Feb 2010 03:21:03 GMT webmaster@destroydebt.com webmaster@destroydebt.com http://www.destroydebt.com/blogs/debtreliefguy/2414-obama-credit-relief-plan.html http://www.destroydebt.com/blogs/debtreliefguy/2414-obama-credit-relief-plan.html Tue, 02 Feb 2010 03:21:03 GMT Back on August 20th of last year, the federal government introduced the Obama credit card debt relief plan, which became law yesterday. These new rules have been put in place to protect consumers and give them fair warning before new fees are charged or their interest rates on their credit cards are... debt relief plan, which became law yesterday. These new rules have been put in place to protect consumers and give them fair warning before new fees are charged or their interest rates on their credit cards are raised.

Here are some of the highlights of the bill:  Credit card companies are now required to give 30 days advanced notice before changing a contract. Therefore, companies that issue credit cards will now be required to give you at least a 45 day warning. If you, as a consumer, do not want to agree to the new terms, you do not have to.  At that time, you will be given five (5) years to pay off your balance at your existing rate. Of course, if you do not agree to their new terms you will not be able to make any additional charges on your card as they will close it.

Secondly, Credit card companies will now be required to put their bills in the mail 21 days before the due date instead of the current 14 days. This will give the consumer more time to pay those bills and should lessen the likelihood of being late with their payments.

Thirdly, companies that issue credit cards will no longer be allowed to raise interest rates on the consumers existing balances unless those people are 60 days or more late with their payment. This is great for people with large balances as they can at least now know that the interest rate on that money will not be increased.

Finally, the new law will require that anyone who is 21 years of age or younger must have a cosigner to get a credit card.  This will have a major impact on credit card companies and college campuses.  In addition, creditors will only allow smaller credit limits. Also, interest rates will not be allowed to be raised in the first year for anyone unless there is a specific provision for that in the contract.]]> http://www.destroydebt.com/blogs/debtreliefguy/2365-choosing-the-right-debt-settlement-company-for-you.html http://www.destroydebt.com/blogs/debtreliefguy/2365-choosing-the-right-debt-settlement-company-for-you.html Wed, 21 Oct 2009 06:50:09 GMT The proliferation of Americans that have fallen into what we call the “debt trap,” has increased significantly within the past two years. I am confident that comes as no surprise to anyone familiar with this just by picking up a newspaper or watching the news. I think it started with the housing ...
I think it started with the housing bubble burst. Americans could no longer rely on their homes on Home Equity Lines of Credit (HELOC), because the value of their homes began to fall instead of increasing ever year for the past 10 years.

Next we had a recession, which further exasperated the problem. Finally, the unemployment rate began to take off as more companies saw this as an opportunity to pear down on their most expensive line item…employees. Right now some states have actually topped the 10% range while others are getting close to that.

To make matters worse, we saw a proliferation of companies that popped up on television or the radio with promises to share with you the “secrets” the credit cards companies would not share with you. My friends, there are no such secrets. Debt reduction and debt settlement has been going on since the B.C. Creditors have always been willing to negotiate and settle someone debts if they can prove they have a viable hardship and really need help.

Which leave us with, where does the average person turn to when looking for help? We say one site that stated that if the organization was not a member of TARP then stay away from them. Most people do not even know what TARP is. Therefore, we suggest you take you time, do some research, and ask questions. Never hire a company that is going to charge you a percentage of your entire debt! State Attorney General’s Offices are pursuing those companies as I write this article.

If you are a Christian, look for a solid Christian company. Look for the Better Business Bureau and Dun & Bradstreet reports on these companies. Finally, never loose hope.

For a free, confidential, no obligation quote on how our company can help you, simply give us a call or look us up on the internet at

http://www.nationwidedr.com.]]> http://www.destroydebt.com/blogs/debtreliefguy/2363-debt-relief-the-ression-god.html http://www.destroydebt.com/blogs/debtreliefguy/2363-debt-relief-the-ression-god.html Mon, 19 Oct 2009 04:03:04 GMT As a Christian company that specializes in helping individuals and small businesses get out of debt, it comes as no surprise that the weight of a recession, joblessness approaching 10% or higher in some states and the fear of inflation just around the corner, one could say, these are the worst of ti... get out of debt, it comes as no surprise that the weight of a recession, joblessness approaching 10% or higher in some states and the fear of inflation just around the corner, one could say, these are the worst of times. For many Americans that is very real and very true.

As our pastor said this weekend, it is no wonder people are fearful of the future, as God is not there yet. God is only in the present. Not in the past and not in the future, however He is only present to us right now.

Therefore, if you are one of the many thousands of Americans that find yourself in what we call “the debt trap,” things can seem hopeless to you right now. The only light you see is one of a train coming down the tracks. However, as we consult our clients, we also insist on staying in the present, where God is. If we can do that, which is not always easy, we truly have half the battle won. The second realization to know is that there is a solution. I think for me that was the biggest realization of my life. I thought I was unique and that no one could be experiencing the debt problems I was. I was wrong of course. I am not unique. In fact, there are many people a lot worse off that I ever was.

Therefore, if it makes any sense to you, stay present. Stay “in tune” with our Lord. We share an acronym at work for the word FEAR. It is: False Emotions Appearing Real. Do not let these emotions get the better of you. Stay present and let us know if we can help you.

For a free, confidential, no obligation quote on your debt problems, contact us toll free at 800-890-6658.]]> http://www.destroydebt.com/blogs/debtreliefguy/2361-credit-card-debt-report.html http://www.destroydebt.com/blogs/debtreliefguy/2361-credit-card-debt-report.html Mon, 12 Oct 2009 10:28:04 GMT Credit Card Debt Statistics According to Moody’s Investors Services, the U.S. Credit-card defaults rose to a record during the month of September and more losses lie ahead as delinquencies rose for the first time since March of this year. What does that mean to you and me? We are not paying ou...
According to Moody’s Investors Services, the U.S. Credit-card defaults rose to a record during the month of September and more losses lie ahead as delinquencies rose for the first time since March of this year.

What does that mean to you and me? We are not paying our bills on time in record numbers! Moody’s went on to say that write-offs, the things that credit card companies take when settling debt rose from 11.49 percent from 10.2 percent. The breakdown was as follows. Loans at least 30 days delinquent rose to 5.8 percent from 5.73 percent, a slight increase. “Early stage” debt, or loans overdue by 30 to 50 days, surged to 1.65 percent from 1.41 percent, signaling higher losses in the coming months.

Banks typically “write-off” bad debt at 6 months or 180 days. With unemployment at close to 9.7 percent, credit card issuers are struggling to make ends meet.

Moody’s says it expects the credit card sector will not see any recovery until mid-2010 when charge off peaks or unemployment reaches 10.5 percent.

While some say this recession is now behind us, these numbers would certainly not coincide with that thought. If 30-day and 30-59 day delinquencies continue to rise, it will only be a matter of time before the over 60 day delinquencies start to rise as well.

What does all mean to you and me. Well, for one, we are not paying off our debt. While that is happening, banks and creditors are racking up fees upon fees as well as raising interest rates, while at the same time lowering credit lines of individuals. The squeeze is on, and when that happens, and liquidity dries up, the last thing on your mind will be credit card bill.

If you like help with your credit card bills, give us a call today for a free, (800-890-6658) confidential and no obligation consultation on what you should be doing to help with your credit card debt.]]> http://www.destroydebt.com/blogs/debtreliefguy/2347-is-bankruptcy-good-for-you.html http://www.destroydebt.com/blogs/debtreliefguy/2347-is-bankruptcy-good-for-you.html Mon, 14 Sep 2009 08:10:23 GMT There seems to be a recurring theme in our country right now, with major corporations filing for bankruptcy to get rid of (or walk away from) their debt obligations (such as their bondholders). These people worked hard, invested their money in the bond or stock market, in order to help these compani...
It is no wonder then that personal bankruptcies are at their highest levels in the United States in over 15 years, and climbing. I guess people feel that “if corporate America can walk away from their debt, why can’t I.” The point is they can. It is just a little different and difficult to file for Chapter 7 bankruptcy for individuals and families. You see, about 3 years ago, the credit card industry lobbied Congress to pass legislation to make it a lot harder to file for bankruptcy than ever before. In fact, over 35% of all those that file, eventually do not qualify for Chapter bankruptcy. Once, they do, then there is the stigma of having this show up on your credit report for the next ten (10) years. Why should you care you think? Well, other than that affecting you when you apply for a job, your auto, home or other insurances could sky rocket, as you would been seen as a “risk” to the insurance companies.

So how does one decide if bankruptcy is for them. 90% of all bankruptcies are filed through an attorney. We recommend you still seek out legal council, to see if you even qualify. As a Christian company, we condone bankruptcy, as we believe in “Repay(ing) to Caesar what belongs to Caesar and to God what belongs to God.” Mark 12:17. We believe that you should look at a credit debt company to see if you qualify for their debt relief program. That way you can pay off your debt, for a fraction of what you owe, without the stigma of the 10 year bad credit rating. Contact a debt settlement company today and see if this alternative is right for you.]]> http://www.destroydebt.com/blogs/debtreliefguy/2343-the-federal-reserve-banks-new-numbers.html http://www.destroydebt.com/blogs/debtreliefguy/2343-the-federal-reserve-banks-new-numbers.html Wed, 09 Sep 2009 05:35:58 GMT Today we received some what some would say is good news from The Federal Reserve Bank. The report stated that consumer credit dropped by $21.5 billion from June 2009 to July 2009. The Fed went on to say that consumer credit lines in the U.S. totaled $2.47 trillion in July, down 10% from June’s 2....
The Fed went on to say that consumer credit lines in the U.S. totaled $2.47 trillion in July, down 10% from June’s 2.49 trillion total. If I do the math it seems to me it is only a 1% drop, however we all know how the fed can play with numbers, especially when talking about trillions here and trillions there.

The main reason though for this cut back as many of you know is because banks have pulled back on credit lines, raised interest rates and cancelled credit cards. There is not a day that goes by that we do not hear about this from our own clients. It is almost like a broken record now.

The conversation usually goes like this. I was 30 days late on one of my credit cards. Next thing I knew, all of them then raised my interest 29.9%. In addition, they lowered my credit line for X to Y, just $100 above what I owe them. Sound familiar to you?

So, the “good news” from the Fed is that consumer credit totals are the lowest now since 2006. Tell me something I don’t know….please.

If you find yourself in this familiar situation and do not know where to turn, talk to a debt relief company that can help you negotiate and settle you credit debt for a fraction of what you. We’ll get this thing lowered alright!]]> http://www.destroydebt.com/blogs/debtreliefguy/2341-why-credit-debt-is-negotiable.html http://www.destroydebt.com/blogs/debtreliefguy/2341-why-credit-debt-is-negotiable.html Mon, 07 Sep 2009 07:19:10 GMT We are often asked this question, whenever a call comes in. As we know, people that call in or fill out a form on the Internet looking for credit debt relief have never been though anything like this before. It definitely is not something that is talked about around the water cooler or lunch room at... debt relief have never been though anything like this before. It definitely is not something that is talked about around the water cooler or lunch room at work. It is very personal and very confidential.

So you answer folks basic questions, however when they ask, “Why would the credit cards companies negotiate,” I wish I could just put a recorder on and play it back for them. Instead, I will write this out in the hopes that when people read it, it makes sense to them.

There are three major reasons why creditors will negotiate and settle your debt. The first one is the obvious one….they do not want you to file for bankruptcy. If you owe a creditors $10,000 (or any amount for that matter) and they will settle it for half that or $5,000, the $5,000 they collect is better than collect $0.00 dollars. So this first option is fairly obvious.

The second reason creditors will settle your debt, is that most of it is probably interest anyway. I like to give my clients this example: You get a solicitation in mail for a brand new shiny silver or gold credit card for $5,000. You mail in the form and low and behold that new shiny credit card comes in the mail about 10 days later. However, you have been wanting something for so long, that you use that $5,000 to buy…IT. You say to yourself, I can afford to put $200/month towards paying this off and do. So, in 25 months it is all paid off, right? ($200 x $25 = $5,000). But no, there was a little thing in there called interest. For argument sake, let’s say your interest rate was 15.9%. If you paid $200/month, it would take you 31 months to pay this off or $6,200, not $5,000. Put another way, if you wanted to pay this off in 25 months, you would have to pay $236.26/month not $200 for the privilege of having “IT” now.

Of course we know that folks that get caught in the “debt trap” do not even pay the $200/month, and as a result you have interest building on top of interest, to where you have already paid “IT” off probably 3-4 times over, before “IT” is paid off. The creditors know this of course. In addition, they made an additional 2.5% from the merchant when you initially bought your items to begin with. They usually do not loose money when we negotiate your debt.

Finally, how creditors account for this debt paid back is all together another little secret that would take 10 more pages to explain. However, suffice it to say, creditors do not lose money when a negotiation and settlement is made. Therefore, if you have credit debt issues, we trust that this will help answer your first basic question.]]> http://www.destroydebt.com/blogs/debtreliefguy/2338-government-help-with-your-debt.html http://www.destroydebt.com/blogs/debtreliefguy/2338-government-help-with-your-debt.html Tue, 01 Sep 2009 04:48:40 GMT Contrary to popular belief or what you read on the Internet, the United Stated government Does Not offer grants for helping individuals get out of personal debt. I came across another one of these blogs again this morning, and naturally they the scenario sounds the same. “The government can help you... Does Not offer grants for helping individuals get out of personal debt. I came across another one of these blogs again this morning, and naturally they the scenario sounds the same. “The government can help you get out of debt; you just need to know where to look.”

Well, there is only one site on the Internet that helps guide individuals and corporations who want to apply for a government grant. That site is

www.grant.gov. At the very top of the page title “Who is Eligible for a Grant” it specifically states ‘ATTENTION! Grants.gov does not offer money for personal financial assistance or debt.’ Why then do these bloggers insist on reporting this false information? It is like a dog trying to chase its own tail. In doing some more research, I noticed that once you become completely frustrated, you end back on that bloggers web site, which is usually a debt relief company. They pump out false information, have you spend hours on the Internet in frustration, and then when you give up, you end up going to them and asking for help.

It is a very odd way to generate business in our opinion. Why not just be truthful from the beginning? Therefore, to set the record straight, even though our government seems to be pumping out money to everyone except individuals, if you have credit card debt troubles, the United States government is not going to give you a grant to pay off this debt….period.]]> http://www.destroydebt.com/blogs/debtreliefguy/2337-debt-in-the-united-states-continues-to-rise.html http://www.destroydebt.com/blogs/debtreliefguy/2337-debt-in-the-united-states-continues-to-rise.html Fri, 28 Aug 2009 04:38:31 GMT I know what I am about to share with you will not be popular. However, debt in our country, both personal and by the government is only going to get worse before it gets better. We are seeing this trend right now! Many folks, roughly 30% of all Americans, are relying on their credit cards to make...
Many folks, roughly 30% of all Americans, are relying on their credit cards to make monthly payments on other routine bills each month such as their utility bills, doctor’s bills, or even car payments. Most of this is due to the economic downturn of job losses or a cut back in hours or pay for many Americans. I do not want to say that “big business” is taking advantage of the economic situation in our county today, however many folks I talk to have not had a pay raise in a few years, and if they have, it has not kept up with the cost of living.

Add to that the increased amount of taxes that are being imposed upon us, and one wonders where or when this will all stop.

Yesterday, I heard the government expects our deficit to increase to 9 TRILLION dollars over the next 10 years. A trillion, just in case you forgot, is 100 million time 10! Where is this money going? And, how many of you really believe we can sustain this, and continue as a country. The answer is simple. We can’t.

I know personally I can do anything about the government debt. However I can help you find debt relief whereby in three years or less, you can have all your credit card and unsecured debt paid off. It is all done though negotiation with your creditors. We have the “hired guns” on hand to do this for you, so you can take care of the other important things in your life.

Therefore, if you feel like you are in the “debt trap” and need help, give one of our professional debt reduction consultants a call at 800-890-6658 for a free no obligation quote. You will be glad you did.]]> http://www.destroydebt.com/blogs/debtreliefguy/2327-bankruptcy-in-america-today.html http://www.destroydebt.com/blogs/debtreliefguy/2327-bankruptcy-in-america-today.html Mon, 10 Aug 2009 10:13:16 GMT Today the American Bankruptcy Institute (ABI) came out with some very disturbing numbers that show no sign of lessening, after rising jobs lost and a continued recession. In fact, the Institute estimates that by December 31, 2009, bankruptcies in America will hit 1.4 million people, after rising mor...
More than 126,000 consumers filed for bankruptcy in the U.S. last month, 34 percent more than in July 2008, the ABI said in its latest report on Aug. 4. The increase came after a 36.5 percent rise in personal bankruptcies nationwide in the first six months, to 675,351, according to the ABI research group, which interprets data collected by the National Bankruptcy Research Center.

As most Americans who are struggling right now, this is not “news” to them. They know what is going on, contrary to what any report the government put out. Facts are facts.

Credit Card Losses

JPMorgan said losses in its Chase credit-card portfolio may be 10 percent next quarter and will be “highly dependent” on unemployment after that. Losses for cards issued by Washington Mutual, which the bank acquired in September, may reach 24 percent by the end of the year, the company said.

JPMorgan’s credit cards lost $672 million, compared with income of $250 million in the second quarter last year

Bank in October of 2005, Congress, though heavy lobbying by the credit card industry enacted the Bankruptcy Abuse Prevention and Consumer Protection Act, a legislative reform package intended to make it harder for consumers to get court orders wiping out their uncollateralized debt. That in turn has led more and more consumers into a debt reduction program such as ours. Companies like JPMorgan would much rather settle your credit card debt for a fraction of what you owe, versus you filing for bankruptcy whereby they get nothing in return.

For more information on this or how you can a debt relief company could help you, call us toll free at 800-890-6658.]]>