Debt Elimination is a Scam for Personal Debt Consolidation

Those in debt are bombarded on a daily basis by calls, letters and junk mail trying to convince them that debt elimination is the service they need to keep their home, cars and to get out of debt. They tell debtors that the banking system is illegal and that the debt they think they have doesn't really exist. They claim that by calling them they can wipe out your debt for good because it doesn't really exist. Although this sounds very tempting, there are more logical options available such as personal debt consolidation loans and home equity loans for homeowners. There are thousands of Americans who just can't seem to make ends meet. They can't pay their mortgage because if they do, they won't be able to eat. With gas prices going up and wages going down, they don't seem to have enough income available to survive, much less pay their bills. Their friends and family may try to help, but there is only so much that they can do. What they can't pay in money they can pay in advice. They too are seeing all of these commercials and advertisements and it doesn't really sound all that bad. So one day, out of complete desperation, they decide to give it a chance. They call up one of these companies claiming that their mortgage doesn't really exist. They tell them that the mortgage is just a bookkeeping detail at the bank. They tell them that their debt is really not backed by more than a piece of paper. The homeowner becomes enraged and they begin to believe this company. They begin to believe that the debt is really not real. These companies then charge the homeowner a fee of $1500 or more to do the paperwork. The paperwork will relieve them of their fraudulent mortgage and they will be debt free and still have their house. Then reality hits them. The company tells them that the paperwork is filed, but the banking system controls the government and the court system, so it is not their fault if they continue to come after you. It is not their fault if they sue you and foreclose on your home. The homeowner is left with nothing. The house is being foreclosed and relationships may even be destroyed. Several marriages have fallen victim to this sort of scam. So, what are you to do when you are in debt and can't seem to get out on your own? You have a couple of options as a homeowner. If your debt is not expansive, you can take out a personal debt consolidation loan with your bank or credit union. The loan is used to pay off your debts such as credit cards and personal lines of credit that are holding you back. You can also take out a home equity loan through a line of credit or second mortgage. When you are paying these bills off your first priority should always be to make your mortgage or rent payment. Your house is your home and you would rather keep it, even if you have to do without a telephone, cell phone, Internet, cable, satellite or any other insignificant luxury that has helped you get into debt.

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