Debtor's Prisons are all over this country
The need to repair your credit is in high demand because I believe that there are debtor
prisons all over this country. These debtor prisons are located in small towns and in big
cities. Most people never realize what they are getting into when they first apply for a credit
card.
I don’t mean debt prisons with bars and guards. I am talking about the self imposed, self
made prisons that we ourselves create when we get out of control with our credit card.
Credit repair is needed as advertisers promote their credit card with ‘easy credit’, ‘easy
qualifying’, ‘everybody qualifies’, ‘low rates’, ‘no interest for 1 year’, ‘free T-Shirt’. It certainly
gets difficult not to apply for more and more credit cards. At least until you apply for a credit
card and you get a message that reads ‘declined’ or ‘not approved’.
prisons all over this country. These debtor prisons are located in small towns and in big
cities. Most people never realize what they are getting into when they first apply for a credit
card.
I don’t mean debt prisons with bars and guards. I am talking about the self imposed, self
made prisons that we ourselves create when we get out of control with our credit card.
Credit repair is needed as advertisers promote their credit card with ‘easy credit’, ‘easy
qualifying’, ‘everybody qualifies’, ‘low rates’, ‘no interest for 1 year’, ‘free T-Shirt’. It certainly
gets difficult not to apply for more and more credit cards. At least until you apply for a credit
card and you get a message that reads ‘declined’ or ‘not approved’.
I have been a debt collector for over
20 years and I have heard all the
reasons why people don’t pay their
bills.
From ‘I did not ask for the credit card,
it just showed up in the mail’, to the
more reasonable, ‘I lost my job’.
No matter, the bottom line, as a debt
collector collecting for the creditor, I
was not supposed to care about why
you couldn't pay. Frankly, as a debt
collector, I don’t get paid to care.
Even if I were to sound as though I
did care, it was only a tactic to get
you to send me a check to pay your
debt.
20 years and I have heard all the
reasons why people don’t pay their
bills.
From ‘I did not ask for the credit card,
it just showed up in the mail’, to the
more reasonable, ‘I lost my job’.
No matter, the bottom line, as a debt
collector collecting for the creditor, I
was not supposed to care about why
you couldn't pay. Frankly, as a debt
collector, I don’t get paid to care.
Even if I were to sound as though I
did care, it was only a tactic to get
you to send me a check to pay your
debt.
YOU and YOU alone better know what amount of money YOU can afford to spend,
because YOU are the one that will be stuck paying the money back. Because rest assured
that if YOU miss a payment, there will be a late fee that is sure to follow. And if YOU miss
too many payments, there will definitely be a debt collector on the other end of the
telephone line. If it is a large enough outstanding balance YOU run the risk of the creditor
filing for a judgment against YOU, which will only bring on a whole new set of problems
limiting YOU even further in your ability to make future purchases, in particular a car or a
home.
Kind of nice, it being all about YOU and all, right?
How about this,... more and more, the better and higher paying jobs are adopting a
prerequisite that applicants have a good credit report.
The reason for this? Well, it is believed that a person’s good credit record is a reflection of a
person’s good character.
A potential employer believes that If an applicant possesses a good credit record then that
applicant must hold themselves in high regard and care a whole lot about being responsible
and meeting their obligations.
Why so much emphasis on the credit record? Well, put yourself on the other side of the
desk.
Imagine for a moment that you are the one responsible for approving applicants for a line of
credit or a job with your company. You can’t talk to the applicants face to face, there are
just too many. An application comes across your desk with a credit record attached. All you
have is a credit record, a piece of paper, to give you an idea of the applicant’s character.
And the credit record is bad. Full of late payments, charge offs, and maybe a judgment.
Approve or disapprove?
If you’re being honest, knowing that your own character and judgment is on the line,
chances are you will stamp this application with... 'disapprove'.
You must realize that YOU have full and total control of your credit report. If you don't get a
handle on it, you will find yourself unable to advance the quality of your life, your families life
and maybe even your career.
Bottom line, if you continue to apply and/or accept credit cards or credit lines that you
continue to use but cannot afford to pay back and you overload yourself with credit, you will
be trapped in the proverbial debtors prison that I believe is in many households in this
country.
because YOU are the one that will be stuck paying the money back. Because rest assured
that if YOU miss a payment, there will be a late fee that is sure to follow. And if YOU miss
too many payments, there will definitely be a debt collector on the other end of the
telephone line. If it is a large enough outstanding balance YOU run the risk of the creditor
filing for a judgment against YOU, which will only bring on a whole new set of problems
limiting YOU even further in your ability to make future purchases, in particular a car or a
home.
Kind of nice, it being all about YOU and all, right?
How about this,... more and more, the better and higher paying jobs are adopting a
prerequisite that applicants have a good credit report.
The reason for this? Well, it is believed that a person’s good credit record is a reflection of a
person’s good character.
A potential employer believes that If an applicant possesses a good credit record then that
applicant must hold themselves in high regard and care a whole lot about being responsible
and meeting their obligations.
Why so much emphasis on the credit record? Well, put yourself on the other side of the
desk.
Imagine for a moment that you are the one responsible for approving applicants for a line of
credit or a job with your company. You can’t talk to the applicants face to face, there are
just too many. An application comes across your desk with a credit record attached. All you
have is a credit record, a piece of paper, to give you an idea of the applicant’s character.
And the credit record is bad. Full of late payments, charge offs, and maybe a judgment.
Approve or disapprove?
If you’re being honest, knowing that your own character and judgment is on the line,
chances are you will stamp this application with... 'disapprove'.
You must realize that YOU have full and total control of your credit report. If you don't get a
handle on it, you will find yourself unable to advance the quality of your life, your families life
and maybe even your career.
Bottom line, if you continue to apply and/or accept credit cards or credit lines that you
continue to use but cannot afford to pay back and you overload yourself with credit, you will
be trapped in the proverbial debtors prison that I believe is in many households in this
country.
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That's pretty bad right? If it sounds harsh, it’s just the way it was and it still is that way.
I certainly hope this wakes you up because until YOU realize that YOU have full control
over your credit report, you are destined to imprison yourself for a long, long, long, long
period of time.
Check this out… Credit card companies often require that you only make very small
minimum payments, sometimes as low as 2.5% of your balance. Sounds great, right?!
DON’T GET TRAPPED IN THAT ILLUSION!!
If you owe just $1000 on a credit card with a 17% interest rate, it will take an incredible 12
years and cost over $900 in interest by the time you pay it off, if you were to make the
minimum payment. - Which is what the credit card companies want… the minimum payment.
In my opinion, they also count on you being late from time to time. Why? Well, with $30 late
fees not being at all uncommon, you can be as late... and as often... as you would like.
When you consider that the average American household has in excess of $8000 in credit
card debt, well, that is a whole lotta ‘debtor prison’ time.
Now, if you couple that with credit card companies being able to increase your annual
interest rate (APR) if you are late, it would not be unreasonable to believe that the credit
card companies encourage you to be late.
Of course, it’s just my opinion.
Don’t get brainwashed by credit card sales people that do nothing but to add glitter to their
words to get you to not only make a purchase on credit, but also to get you to buy one or
more of the many extras that only will increase your enjoyment of using the product you
can't afford to buy in the first place.
Of course, I am in no way placing blame on the sales force of any credit company trying to
make a profit.
A professional salesperson provides a much needed service to the consumer. In fact rather
than blame, I would rather assign responsibility… on the consumer that is.
I certainly hope this wakes you up because until YOU realize that YOU have full control
over your credit report, you are destined to imprison yourself for a long, long, long, long
period of time.
Check this out… Credit card companies often require that you only make very small
minimum payments, sometimes as low as 2.5% of your balance. Sounds great, right?!
DON’T GET TRAPPED IN THAT ILLUSION!!
If you owe just $1000 on a credit card with a 17% interest rate, it will take an incredible 12
years and cost over $900 in interest by the time you pay it off, if you were to make the
minimum payment. - Which is what the credit card companies want… the minimum payment.
In my opinion, they also count on you being late from time to time. Why? Well, with $30 late
fees not being at all uncommon, you can be as late... and as often... as you would like.
When you consider that the average American household has in excess of $8000 in credit
card debt, well, that is a whole lotta ‘debtor prison’ time.
Now, if you couple that with credit card companies being able to increase your annual
interest rate (APR) if you are late, it would not be unreasonable to believe that the credit
card companies encourage you to be late.
Of course, it’s just my opinion.
Don’t get brainwashed by credit card sales people that do nothing but to add glitter to their
words to get you to not only make a purchase on credit, but also to get you to buy one or
more of the many extras that only will increase your enjoyment of using the product you
can't afford to buy in the first place.
Of course, I am in no way placing blame on the sales force of any credit company trying to
make a profit.
A professional salesperson provides a much needed service to the consumer. In fact rather
than blame, I would rather assign responsibility… on the consumer that is.