Debt Elimination
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Get Out of Debt Without Filing for Bankruptcy Why Can’t I Just Pay Off My Credit Card Debt? The real question is this: How do I get out of credit card debt? The answer is: You probably can’t. You certainly can’t is you’re just making minimum payments or even just a little extra. The credit card industry is the most profitable one in the United States with annual earnings in the $30 billion range. Many people might be surprised to learn that a single credit card issuer – MBNA – earned 1.5 times more profit than McDonalds in 2004. Citibank, another major credit card issuer, earns more profit than both Microsoft and Walmart. Estimates say the average household credit card debt is over $16,000. In our experience, the actual amount is higher, MUCH higher among people who have significant credit card debt. My Credit Card Debt is Killing Me! The credit card companies have designed everything about how your credit card account works to keep you in debt. Even the “average daily balance” calculation is not what you think it would be. It’s designed to create higher balances so that you pay more in interest, and also potentially more in fees. Again, the idea is to keep you from paying off the card, because the credit card company only makes money when you stay in debt, and the longer the better (for them). The monthly minimum payment is only required to be 4% of your balance. That means it will take you many, many, many years (and a LOT of interest paid) to pay off your debt, and that’s if you don’t charge anything new on the card. It also doesn’t include any fees which may be levied against you, including annual fees, late payment fees, over the limit fees, or whatever else the credit card company invents to charge. What Can You Do to Help? We offer a method of contesting your debt and basically making it uncollectible. We use the Federal Fair Debt Collection Practices Act (FDCPA) to protect you from collection agencies and to stop their nasty practices. We force these collection agencies to prove up the debt by producing documentation validating the debt and the contract as well as to certify their authority to act. In our experience, often neither company can produce such documentation. We also force the collection agencies to stop contacting you until Does It Really Work? Absolutely. But why does it work? Collection agencies go after the low-hanging fruit. They buy these accounts from the credit card company (which wrote off the account as a loss) for literally pennies on the dollar. They have very low expenses – basically a computer telephone caller, mailing some letters, and paying a few people who mostly work on commission. The FDCPA provides real protections. One of the requirements of the FDCPA is that any collection agency must stop contacting you once properly notified or each contact incurs at least a $1,000 fine. We have to sue the company to collect, but it’s a powerful deterrent to any creditor. Legal duties imposed on collection companies. Collection agencies must produce certain documents as requested and must cease collection attempts until such documents are produced. They usually don’t have the documents because they just obtained evidence of a debt, and often the credit card company no longer has them either. What Happens When It’s Over? After we make your debt uncollectible, we put you through a credit repair process. This helps rebuild your credit score, removing as many negative items as possible from your credit report. We can do this because we document every step properly according to the FDCPA to invalidate your debt. If you have any questions about our Debt Elimination Program, please contact us at 623-298-4220 or email us.mailto:Info@BuschLawCenter.com?subject=Asset%20Protection%20Info,%20pleaseshapeimage_4_link_0
Benefits of Debt Elimination No Bankruptcy Free up hundreds or thousands of dollars each month Get the bank off your back for good Learn to live on cash (it’s very liberating) Understand that “having good credit” is not the necessity the banks want you to believe it is Enjoy Life Again!
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