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Debt elimination is the technique or process of getting out of debt by basically eliminating it. By elimination I mean that the end result is as if the debt was never there. Debt elimination does not involve payment plans or lower interest rates to help you get out of debt after paying thousands of dollars. Debt elimination means stopping payments immediately and disputing your debt in an effective way.
Many consumers feel that debt elimination is not an ethical option, or maybe they do not even know that it exists as an option. The fact of the matter is that your banker or creditor is the one that is participating in the unethical actions, not you as the debtor.
You are probably wondering how this can be when you signed a contract with your bank agreeing to pay. The truth is that your bank or creditor loaned you money that, previous to your transactions, did not exist at all. Banks can do this through a process called fractional banking. This process allows banks to lend out ten times more money than they currently have in their deposit accounts.
In a sense your bank has lent you money that never existed and are now pressuring you to pay them back with your money that you actually earned. This is wrong and is a major contributing factor to why our economy is so poor right now.
So why are banks doing this? Banks just like any other business are simply out to make as much money as possible. The thing that is different about banks is that they are giving you nothing in return. At lest when you shop at grocery store you pay money and get food or other needed products in return. When dealing with a bank they give you monopoly money and you have to pay them back with real money.
Banks do not want you to know these things. They want you to continue to believe that they have your best interests in mind and that they are your friends. My question is this, “Is it better to believe the banks or look at them as they really are?” My opinion is that you, as a consumer, need to see the banks as they really are in order to protect yourself from their tricks.
Because of all of the unethical practices that banks participate in, there are often holes in the contracts and obligations of debtors. These holes are what debt elimination exposes. With debt elimination you can prove that your creditor is trying to collect wrongfully on your account, thus releasing you from the terms of the agreement and making your alleged debt void.
Debt elimination does not and cannot come about from continuing to make payments to your creditor. The more you make payments the more pressure the bank will place on you to continue paying. Why? Because banks want more money! The instant you stop paying and start effectively disputing your debt, the banks will realize that you are not going to be an appealing target for their abuse.
Eliminating debt can be hard when you do not know what you are doing. I strongly suggest staying away from debt consolidation agencies or any company that is advertising a payment plan. Anything that involves making payments to a new collection agency is not debt elimination. Although it is good to be aware that debt elimination companies will charge a small fee for their services. However, this fee is quite different than the payments you are currently making in regards to your credit card.
Debt elimination is an option for most consumers today. It starts with the choice to be debt free and the choice to not let your creditor push you around anymore. Debt elimination can be a difficult path but it is much less difficult than making outrageous credit card payments for the rest of your life!