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Home Debt Consolidation What are the real costs of not taking care of my debt and doing a debt relief program?

What are the real costs of not taking care of my debt and doing a debt relief program?

Debt has become such a part of most Americans lives; most won’t even know what it means to not have it.  The sad thing about it is that it is causing unnecessary stress throughout the country.  If we could get to the point of having a very controllable level of debt, meaning our debt could be paid off in one month, then the stress and believe it or not the weight of Americans would go down.  So you can see the importance of taking care of your debt.  It would be great if every American could get out of debt quickly by paying more on their cards each month, but in reality that is not always an option that they have.  When people hear this strategy they laugh and just go on with no solutions.  So choosing a program like debt relief will not only help you financially but you will feel better physically because your stress levels will go down.

With anything in life there are positives and negatives.  You have to be realistic when you approach anything new, but there are times where you have to decide if the positives outweigh the negatives.  This is one of those moments that I tend to say yes it does make a difference and it is the way to go.  Let me lay it out like this to you, the scenario I will put out is if you have $15,000 of debt you are trying to get rid of, your current interest rate is 18.99%, and your projected payoff with minimum payments is 20 years (this is typical for most credit cards).   So believe it or not, if you start with $15,000 and you pay off your minimum payment each month and your interest is 18.99% then you will pay a whopping $58,316.66 for that $15,000.  That is over a 100% of what you currently owe!  It’s pushing 3 times what you owe!  That is a whole lot of money in my opinion.  By going with a debt relief program you will pay $7,950 to pay off that debt.  So the real cost of not doing something different than making minimum payments is $50,366.66, which is the cost of what you would pay with minimum payments vs. what you would pay with debt relief program.  The real costs are quite an eye-opener for many people when they look at it that way, especially here in Houston – we don’t have the lowest housing in America if you haven’t noticed yet!

So if you haven’t got my point yet, the real cost of NOT doing something is huge.  It is equivalent to a college education, it is equivalent to 2 nice cars, it is equivalent to a down payment on a house, equivalent to a wedding, I could go on and on but I am sure you could find a better place to spend the $50,000 than paying it to a bank for fees.  You get absolutely nothing out of that, the banks do.  So you may read bad things about debt relief but take a step back and look at who is really pushing for these articles to get written, not the ones who are struggling, but the banks who want to scare you so you keep paying them.  The costs are high are you going to keep on the same path you are currently on?

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