Today is the 4th of July and the holiday represents freedom!
Although, it certainly stands for freedom I can't help but to think that we haven't arrived in many areas of our personal lives including financial. Taking back or claiming our freedom starts in the mind and ends in the physical we must stop handling our finances, our credit and our financial quality of life casually.
There are always pros and cons to a thing and that thing is the instant gratification that has plagued our world via the internet and the need to have everything right now and the low energy towards discipline and hard work. Do not be fooled by the you don't have to do this, or you don't have to do that in order to achieve great success. It is a lie and anything that is worth having and cherishing will always take some form of hard work and discipline, including improving your credit and ability to make life changing purchases and stay prepared for life changing events.
Many companies that promise to get you out of debt are debt relief service businesses. Debt management services claim they can arrange a plan with your creditors to pay over time, often with reductions in interest rates or other changes in terms so you can afford repayment.
So-called debt negotiation or debt settlement companies claim that they can negotiate with creditors on your behalf to get substantially reduced payments and an end to collection calls from creditors. They usually ask or require you to make regular payments into a bank account from which they collect their free and pay the creditor when enough money has accumulated.
These companies usually advise you not to pay your creditors while money accumulates in the account, so that you can later make a lump sum settlement offer. Consequently, your credit report shows more and more late payments, and even charge offs and accounts sent to collection agencies. Because the companies don't have agreements with creditors to wait for payment, creditors may sue you or take other collection actions.
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