The word debt was considered by my father to be synonym for evil. The more debt any family incurs, the more problems and stress they will experience.
These days it is very easy to apply for loans or credit cards online without being face to face with the individual who will approve your loan. Consequently there is an incredible number of late payments, delinquencies, and loan defaults by irresponsible borrowers who unaccountably borrowed money they could not afford to pay back.
Back to the word debt. We received an unsolicited email from DebtDirection today informing us we could “free ourselves from debt today!” Now, of course, unless DebtDirection directly pays off all our credit card debt and home mortgage, we will not be freed of our debt.
Their claim that they can relieve our debt easily is based on filing bankruptcy which will wreck our credit score and possibly involve us moving out of our house and into a cheap insecure apartment.
Also their recommendation of a payment consolidation is nothing more than them trying to get our creditorsto settle for, say, 50 cents on the dollar and consolidate it all into a single payment that DebtDirection will collect along with fees and an interest rate applied to the entire amount we settle on with all our creditors.
Over the years, we have received many of these type of solicitations from similarly named crooks such as Dr Debt, DebtDestroyers, MeltYourDebt, DebtReliefTeam, DeathofDebt, etc.
You are much better off adhering to the advice of experts like Dan Dzombak or Selena Maranjian who both have a lot of experience on avoiding intractable debt to begin with. Also, most of us know in our heart when we are biting off more than we can chew financially. Stay away from payday loan sharks and high interest loans and credit cards. They can ruin your life!