Re: a lot of cc debt..trying to get out of it ...non-profit, debt consolidation? ideas?
- From: "John A. Weeks III" <john@xxxxxxxxxxxxx>
- Date: Thu, 29 Sep 2005 19:04:31 -0500
In article <1128017753.020267.55760@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>,
"in a bad way" <fotoobscura@xxxxxxxxx> wrote:
> I know there are a LOT of "non-profit" credit consolidation and help
> services out there but I'm thinking a lot of them are a scam and will
> cost me a ton of upfront money and perhaps do little/nothing for me.
These so-call non-profits are all owned or associated with credit
card companies. If you use one, it will be like dropping a nuclear
bomb on your credit record. They will black mark you just as badly
as if you file for bankruptcy.
> Are there any actual reputable ones anyone can recommend? Government
> sponsored perhaps? If they all cost money what should they cost?
> Whats the rate for a legitimate non-profit these days to consolidate or
> help me out of my debt?
What these companies do is gather up your bills, and pay them
for you. You write them one monthly check. For this service,
you pay a big fee up front (often equal to 1 months payment),
and you pay a monthly donation fee for the service. They make
big money from this. If you can write checks and lick stamps,
then you have no need for this kind of service. You especially
don't need to pay $500 to get started--you cannot afford $500
right now.
> All help appreciated!
There is an easy way out using a mathematical trick. You
spend less than what you earn, and use the difference to
pay off the debt. If the amount between what you earn and
spend is negative, then you are going behind each month,
and you need to move back home with your parents--you cannot
afford you current life. If the amount is small but positive,
then you have two options to make it bigger--earn more, or
spend less, or both. You can always spend less, and earning
more is often not that big of a trick. There are always pizzas
to deliver, newspapers to toss, and courier package routes to
drive after you get done with your regular job.
-john-
--
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John A. Weeks III 952-432-2708 john@xxxxxxxxxxxxx
Newave Communications http://www.johnweeks.com
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