Unfortunately, this is the worst we can do to get out of debt and this is what most of us do. NOTHINGIt is estimated that majority of us are in financial trouble and many will do whatever they can to continue making minimum payments for the rest of their lives and stay in debt for ever.
They keep making minimum payments because of various reasons:
- The main reason is that it offers the opportunity to avoid the embarrassment, humiliation and stigma that could be involved in CCC companies, consolidation loans and bankruptcy or even just letting their friends and family know about their situation.
- Constant phone calls from collection companies or creditors.
- Never thought of facing the debt problem and to fight back.
If you plan to do settlement on your own, or you stop paying your creditors, this is where most of us face the head on hostility of the collection agencies. If you continue to ignore these situations, you may end up with judgments and garnished wages as well as liens against your property. This, in itself, is sometimes enough to drive consumers into the bankruptcy courts to stop the continuous harassment, phone calls, abusive letters and threats of wage garnishments. Unfortunately, deciding not to face your debts, not paying or just struggling along with the minimum monthly payments will eventually catch up with you. When it does, you're left with a much worse financial problem than before.
If you keep ignoring the constant calls and letters from the collection companies or the creditors, some of them will eventually take it up to the courts and possibly get a judgment against you, which could result in wage garnishment or lien on your property. Not to forget, handling collection calls on your own could be a nightmare. Action is needed NOW to completely get rid of debt. Just hoping things will get better will not resolve the problem. In the meantime, the creditors will keep adding on late fees and over the limit fees and bleed you financially for the rest of your life.
Please try our debt calculator to understand how many thousands of dollars you will pay to your creditors if you do NOTHING about your financial situation NOW.
Act now, contact us now. Take your first step towards debt free life.