Common Sense Debt Relief
All the hype about big businesses getting bailouts has certainly NOT made the average American feel any better about their own debt. In 2008 I worked for a large worldwide corporation that decided to "outsource" it's business and "downsize" it's U.S. branch, thus over 3000 hardworking American's were out of work! Debts rose due to decreased or no income and everyone began to panic.
This is when the debt "consolidation" "counseling" firms began to really advertise. But many individuals didn't read the fine print. These companies DO NOT stop collection calls nor will these agencies prevent your account becoming a legal issue should the creditor decide to pursue that course of action. In fact as of a few months ago, may large banks such as Citibank and Wells Fargo will not even speak with a debt consolidation agency.
The bottom line is that these agencies are charging a fee or percentage (monies the debtor does not have to spare) to "negotiate or consolidate" debt, when in fact a few phone calls and letters from the debtor to the creditors can achieve the same or better results.
If a debtor initiates the contact with their creditors and explains their personal situation both verbally and in writing, the majority of creditors are willing to work with them. The scenario of the debtor dodging phone calls and letters is usually the reason that the account is sent to a collection department or even an outside third party collection agency.
The cost to the debtor for handling these issues on their own? The cost of postage and the time it takes to make calls, write letters and document conversations.
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