Sunday, January 2, 2011

5 strategies you should avoid if in debt

Pennsylvania and Ohio Debt Relief, Mortgage Mod. & Foreclosure Lawyer

Debt settlement/Mortgage mods/Bankruptcies/Fair Debt Collection Practices/Debtor Defense/ Foreclosure Defense by a PA/OH Lawyer& MBA in Finance with 20 years experience. Free consultation in office to help you start to work through the options to get you OUT OF DEBT.
Call 484-320-8191 or visit our website at to learn more TODAY.
Struggling with too much debt: you’re not alone. the whole nation it seems has a credit card hangover especially after the new year when the bills for all those Christmas Presents start to roll in. For years, credit was easy and many people became overextended. But we now have to "pay the piper".

5 dumb strategies you should avoid:

The advice of experts in the field is to be sure you don't make your situation worse by making common mistakes. In particular try to avoid:

• Paying just the minimum payment on your debt as this will results in the amount you owe actually GROWING and your problems will only become worse. Look at some of those statements you get. Its downright scary! 35 or 50 years to pay off your card at minimum payments! And maybe your cards are maxxed and you really HAVE no more credit...what good is that?

• Relying on friends and family as this can damage relationships with the most important people in your life.

• Unscrupulous companies that demand cash upfront or high fees for help they promise, but don't deliver. We are not like that!

• Using new high-interest loan to pay off lower interest rate loans – while it may be easier to just have one payment but it will actually increase the amount you have to pay back
• Declaring bankruptcy unless you have no other choice – Bankruptcy can give you a fresh start even SAVE YOUR HOME but it is NOT for everyone- it can have permanent and severe consequences on your financial future, avoid if you can, especially when debt settlement or a mortgage modification may work for you...

Debt Settlement, Mortgage Mods & Bankruptcy Three Very Different Real Alternatives for Consideration:
For many people, working with a Debt Settlement attorney can actually be a fine solution. Mortgage Modification (HAMP) may also work for you. Bankruptcy may be another consideration but use it ONLY IF YOU HAVE NO OTHER CHOICE TO SAVE YOUR HOME or for other reasons. You’ve probably heard a lot of advertising even at the Blogsites and on Craigslist for these services recently, but what exactly do they do?
Debt settlement is the process of negotiating with creditors to get them to write off a major portion of your debt. Why would a credit card company do this? Well, it’s not out of the generosity of their heart. They have made the financial calculations and determined they are better off knowing for certain that they’ll get paid something rather than not knowing at all if they will get paid anything. Usually, too, you will have paid the actual debt several times over with all that interest you paid.
Settlement lawyers work with individual consumers to determine a reasonable monthly amount that they can afford to pay against their debt load. The individual makes the affordable payment every month into a special-purpose trust account, and as these funds accumulate, we reach out to creditors to negotiate a full and final actual settlement on your behalf.
We have longstanding relationships with creditors and mortgage lenders and negotiate hard for people like you every day. The amount of savings we can obtain for consumers can be significant. It can literally restart your financial life! Often we can even remove resold debt (where the credit card sells your delinquent account to another company to collect for pennies on the dollar) entirely so you end up owing NOTHING.

But care needs to be taken as some Debt Settlement and Mortgage Mod entities can be unscrupulous. Call an experienced reputable experienced PA attorney for a free in- office consultation to examine your debt relief alternatives. 484-320-8191. Serving Berks, Bucks, Chester, Montgomery, Philadelphia and Delaware Counties.
Also as a practical matter if you do not use a lawyer who can actually SUE your lender to FORCE them to comply and/or defend your foreclosure if it comes to that YOUR MOD WILL GET NOWHERE!

Call 484-320-8191 or visit our website at to learn more TODAY.