Debt Settlement...What Does Big Brother Think?

by CreditCardDebt 5. August 2009 05:26

Do you find yourself asking whether debt settlement is a safe or a wise course of action for you? Many of us have become accustomed to asking the government (Big Brother) to provide advice on how to get back on our feet.  The question then is a simple one; does the government advocate debt settlement? Surprisingly the answer is a resounding YES!

 

With the increasing economic instability worldwide the government is looking out for consumers more than ever.  Good news for anyone swimming in debt, but how is the government helping?  Let’s just say Big Brother is putting a little “necessary encouragement” where it needs to…In fact, the FDIC has been told to regulate bank debt settlements to prevent unfair and deceptive practices from harming any consumers looking to get out of debt.

 

Why is the government helping?  The main reason is consumers are having a very difficult time making ends meet these days.  With wages going down, increases in corporate layoffs, and necessities becoming more expensive (fuel, food, etc.) consumers just don’t know where to turn.  While the law does allow you to file bankruptcy, the government does not advocate it because it damages the economy by forcing all involved parties to take a greater loss than they might otherwise have to. With debt settlement, the amount of that loss can be mitigated. You get to keep your assets and your creditors take a smaller loss on their investments.

 

The government has advised banks and other lending organizations to consider debt settlement as a “favorable” alternative to increasingly harsh collection action. Even though the government may not help you directly, it is still a good idea to get help from someone.  If you think you may benefit from debt settlement I encourage you to review the information on the AmeriFree website.

 

Bottom line is Big Brother wants to help but does not have the necessary resources at this time to do so…

 

Hope you found this information useful.  Please come back often as information is continually being updated.

 

Matthew

Debt Blogger

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Financial Education

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