Credit card bill balilout law, how do I say this nicely?
Liar liar pants on fire.
That’s the best line I can come up with right now. I don’t let too many things upset me, in fact I not only know the serenity prayer but practice it fairly well these days, but there is one thing that drives me crazy: when companies advertise things that are absolutely false to the consumers of the Commonwealth of Pennsylvania, whom I’m sworn to defend.
There are few things that will make me scream at the radio, but one such thing are the advertisements claiming that the federal government gave banks a lot of money and now they need to clean their ledgers and offer a discount on your credit card balance. Let me be the first to call bull on this one.
It’s a simple matter of mathematics. A lot of people lie, but math never lies. Let’s do basic mathematics. If your credit card company $1000 and collects interest at the rate of 20%, an interest rate that would make the money lenders in ancient Israel (and maybe the mob) blush, each year the credit card company (earns) $200 in profit. Your minimum payment is likely to be 2% of your balance, so that month that you pay $20 against your credit card bill, $15 of it goes to pay interest for that month. So next month your balance is $995, and that’s assuming you didn’t charge again, which you probably did.
Why on earth would a credit card company want to have an income generating account like a that off their accounting ledger? They wouldn’t, and the advertisers telling you that they are motivated to get these off their books are full of beans.
I can’t bring myself to say anything nice about these people. There are legitimate debt settlement firms out there, my law firm provides debt settlement services too, but our services are based on logic, not some government legislation that doesn’t exist or some backdoor deal that doesn’t exist.
You will hear more of this. A lot of companies are finding it easy to take an image of people who are in danger of losing their homes or are up to their eyeballs in credit card debt. A rule of thumb to live by when dealing with companies that advertise like this is, if there best selling point is that they have a federal program to work with or they are trying to sound like they’re officially government-sponsored, they’re probably going to steal from you.
Is there a chance that one of these companies is telling the truth? Yes, but a workman who get results doesn’t need to hide advertising that makes it sound like he’s part of a government program.
Let me say this simply as I can, if you’re waiting for Pres. Obama pay off your credit cards and save your home from being foreclosed on, you will wind up homeless with a lot of credit card debt. When you already to discuss your financial problems with a trained professional, one who has experience in mortgage modification, debt settlement, and bankruptcy, please e-mail me at Jim@padebt911.com or call me at 484-661-2891 for free no obligation consultation, and we can start solving this problem together…without the government’s help!
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