As more and more Americans are finding that the banks have become less and less cooperative when consumers run into a tight cash flow, they have more motivation to enter debt settlement programs as a first step in moving to an all cash lifestyle. I have been counseling on debt for over ten years and never before have so many debt ridden consumers been less concerned about their credit scores and more interested in eliminating debt.

 People are finally realizing the freedom that living a debt free life affords them. Just imagine for a moment suffering a sudden loss of income and not worrying that the bank was going to take your car away. No choice to be made between paying the mortgager eating less food that week. Not having to go to Uncle Vito and get a usurious Pay day loan at 350% annually! Yes, that is correct. And by the way, there is now a specialized program for Pay day loan debt settlement to break you free of these. Consumers have actually mentioned to me that they are being stressed by trying to remember the due dates on their credit card payments because there are so many of them, and they know that the banks will punish them with 29.9% interest rates , or a lifetime payment plan which will enslave them if they do miss even one payment.

 Do you think that any of this is accidental? Why won’t the banks
extend even an ounce of mercy by trying to work with you the hard working consumer doing everything to try and pay off the credit card debt in full over 40 years. Simply stated, it is called having a Central Bank, also known as the Federal Reserve to back you up. Yes, when a bank loans you, say, 10,000 dollars, they only need to put up a fraction of that money from their own reserves, and the balance comes from the Federal Reserve Bank, hence the term, fractional reserve system, which is what we live under. So, by simply not helping you in your default status, they will actually be made whole again, and that will offset their loss.

 Very pragmatic on their part, and very bad for you. As the bank is operating by the “What’s in it for me”? attitude. So, frankly, What’s in it for them to help you? Nothing.  I would urge you, as someone who has taken this step personally, to not just let this be an interesting article you read, but to give serious consideration to the idea of living without credit as a liberating lifestyle change. One of the reasons is simple. Remember the Bob Dylan song “A Change is Gonna Come”. I absolutely guarantee you that we are a year or two away from a change so sweeping that it will make 2008 look like a boy scout jamboree. Yes, let’s start a movement!

The ADE Debt Relief Phone Numbers

Free Credit Counseling — 877-766-2465

Student Loan Consolidation — 877-766-2465

Private Student Loan Help —- 877-354-2950

Free Bankruptcy Counseling — 516-204-4640 (National Number)

Credit Restoration Counseling — 888-586-2661 Inc. Credit Report Review

Pay Day Loan Settlement — 877-766-2465

Each of these numbers provides Free Counseling.


Yours Truly

Steven Ciantro
Consumer Advocate
Debt Enders

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