The Secret Debt Solution
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by: JulieannMakris
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Word Count: 605
Date: Thu, 3 Nov 2011 Time: 10:34 AM
Bankruptcy lawyers and Debt Consolidation companies have flooded the Internet with ads and appeals, claiming that they have the solution to the nation's $780 billion of unpaid, revolving credit card debt.
With almost 1 out of every 4 Americans either unemployed or underemployed, the personal debt crisis has certainly hit crisis levels.
People need solutions, but they aren't told the whole truth.
"What I wanted to know," says Terri Vargs of Los Angeles, CA, "is what I can do to help myself."
The lawyers and debt consolidation companies tell the public that they have only a few options:
1. Negotiate with your credit card bank for a better interest rate. This would make sense, but most banks refuse to provide long-term rates that are less than 15%. According to the Federal Reserve Credit Card Calculator, it would take 32 years for a person with a $10,000 balance to pay off that debt, if all they can afford is the minimum payment.
And with nearly 1 in 4 Americans unemployed or underemployed, that is usually the case.
2. Hire a debt consolidation service. These companies charge hundreds or thousands of dollars in fees up front for the promise that they will be able to negotiate significant reductions in principal with the banks. For most consumers, the fees are exorbitant for what these firms actually deliver.
3. Go bankrupt. Henry Ford did it half a dozen times. So did Thomas Edison.
Lawyers happily charge -- again -- hundreds or thousands of dollars in fees to help people through the bankruptcy process. But according the California Consumer Affairs Department, for most people bankruptcy is massive "overkill" for their problems.
Are these really the only options?
A growing number of people want to learn how to take matters into their own hands.
Because of this, sites like DebtProtest.com have seen their traffic skyrocket. Offering a credit card debt relief within six months, DebtProtest.com helps with debt and the threat of credit card bankruptcy by offering a personalized debt management program.
"Since the Occupy Wall Street protests began," said a spokesperson for DebtProtest.com, "we've sold over 10,000 personalized reports to help with debt. People are happy to pay $5.99 for a personalized strategy -- especially when our competitors in the legal and debt consolidation industries are charging hundreds or thousands for services that we think are unnecessary."
As it turns out, there is quite a bit that an individual can do, and the DebtProtest.com report outlines all of it.
"What I found out," Vargas said, "is that it is possible for me to do everything on my own."
"All I needed to know was how."
People are so afraid of the banks and of their situation that it is negatively impacting all of society. The Census Bureau recently released a study showing that people are having fewer children because of the economic crisis.
Her research led her to DebtProtest.com and now, she says, she is only six months away from being debt-free.
"It's about time that we fought back," Vargas said.
While the protests across America might be easy for the banks and the politicians to dismiss, it will be much harder for the banks to ignore the groundswell represented by DebtProtest.com and the Occupy Wall Street protesters.
Ms. Vargas and the thousands of others who are reading their DebtProtest.com reports as you read this may be the next wave of this economic cycle.
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Need help with debt or avoiding credit card bankruptcy? You can solve these problems in six months.
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