Our credit industry is one of the most corrupt shams in the nation. It's a shame what heartless creditors do to hardworking Americans in debt. Hidden fees, interest rates that rise over night, penalties! It's an abusive scam that's designed to kick people when they're down. To rob them of any hope of recovery.
It's Not Your Fault!
Did you know that credit card companies can raise your rate to the max overnight just "because". Even if you just borrow too much on a different card! What business is it of their's? These unfair rate hikes don't come when you're doing well, but when you're hurting in some way. And the creditors really want you to borrow so much you can only afford the minimum payment and then WHAM - they own you!
The internet is full of consolidation and credit counseling "offers". One thing is for sure, many of these "rescue" plans come with hidden bombshells that actually hurt a person's credit. Take consumer credit counseling for example. Did you know that most lenders look at this the same as a bankruptcy! These unsuspecting clients have to close their accounts (which drops their credit scores) and then the "non profit" counseling agency collects a fee and supposedly makes payments to the creditor. IF they even make the payment, many times they make it late and the poor clients score is even further damgaged. All this without any legal protection for the client. Many of these credit crooks are being investigated by both the FTC and the IRS.
Luckily there is an easy alternative to all of this. It's a special home loan which consolidates debt, lowers payments, and raises the credit scores of the borrowers at the same time. Which in turn makes all of their fianancing cheaper by thousands of dollars over their lifetime. The client doesn't have to close their cards, but can keep them (and a new higher credit score) for emergencies.
Having credit is the cheapest insurance policy a person can have. You just have to know that creditors are like fire: "Fire can cook your food, but it can also burn your house down."
About the author: Dan Dowling has been helping Florida homeowners refinance and manage debt since 1995. He is the author of "Unlocking The Secrets Of Your Credit Score" ©2005 In his book he exposes the tricks and traps of the credit, debt, and money industries. His office is in Altamonte Springs in Seminole county, a suburb of Orlando. Dan is often quoted by the national news media as an expert in mortgage finance. http://www.myloanadvisor.com
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