Personal Note On Debt And Debt Essay
Every batch of mail is bound to include a late bill notice, a letter from a collection agency, a utility bill with a past due amount or even just a regular old credit card statement with a balance that’s way too high.
When you see how much you owe, and even worse how much interest you 're paying, it’s common to feel instant panic and depression. One study found that people who struggle to pay their bills each month experience twice as much anxiety and depression than those who don’t.
I’d bet people with debt are probably the only people in America who really, really wish mail wasn’t delivered on Saturdays.
But sometimes, in that stressful pile of mail, people get a letter from a company with an offer that seems like the answer to all of their financial problems.
It usually reads something like this (replace the X with any numbers that make your heart race):
We see that your current credit card balance is $X. We have been authorized to work with your credit card companies to lower that amount to $X. Your monthly payments will only be $X. Call us for more information.
You may be tempted to pick up the phone immediately. But don’t.
Debt settlement companies will likely leave you with more problems, and even worse credit.
What Debt Settlement Companies Do
Letters from debt settlement companies are worded very carefully. They market themselves as the good guys who…