Though they've been around for years, I've noticed a definite uptick in the number of TV ads for debt consolidation/relief services. A lot of the ads start off something like this: "Are you swimming in a sea of debt? Do you owe $10,000 or more? XYZ Debt Consolidation Services can help you become debt free in no time at all. Our financial counselors will work with you to roll all your debts and loans into one! This one loan will lower your monthly payout, reduce the interest rate and increase your credit rating. Operators are standing by. Call now for more information."
Like most families these days, Della & I have debt. Most of it is due to unpaid medical bills and one credit card (major auto repair that we couldn't afford otherwise). While ads of this nature sound tempting, I've never considered calling one of these companies because the whole set-up smells really fishy to me. Today I did some internet research and my suspicions have been confirmed!
Far too many of these companies are just out to make a quick and easy buck off of desperate people. With the economy tanking all over the place, folks losing their jobs and many in danger of losing their homes, the sharks smell blood in the water. Like sharks are apt to do, they're enjoying a feeding frenzy at the public's expense.
This offers a contemporary illustration of what Lao Tzu means by his repeated warnings about contrivance. These sharks and hucksters are developing means to contrive your money away from you and into their own pockets! They dress up their potential theft by promising all sorts of fantastic things, but make no mistake about it; they truly aren't interested in helping you with your financial problems. They want your money, plain and simple. That's their sole motivation.
Like most families these days, Della & I have debt. Most of it is due to unpaid medical bills and one credit card (major auto repair that we couldn't afford otherwise). While ads of this nature sound tempting, I've never considered calling one of these companies because the whole set-up smells really fishy to me. Today I did some internet research and my suspicions have been confirmed!
Far too many of these companies are just out to make a quick and easy buck off of desperate people. With the economy tanking all over the place, folks losing their jobs and many in danger of losing their homes, the sharks smell blood in the water. Like sharks are apt to do, they're enjoying a feeding frenzy at the public's expense.
This offers a contemporary illustration of what Lao Tzu means by his repeated warnings about contrivance. These sharks and hucksters are developing means to contrive your money away from you and into their own pockets! They dress up their potential theft by promising all sorts of fantastic things, but make no mistake about it; they truly aren't interested in helping you with your financial problems. They want your money, plain and simple. That's their sole motivation.
Yes the sharks do come out in droves during economic crisis (seen the help wanted ads on craigslist in the past year?) Speaking from experience there are some debt consolidation companies out there that are on the up and up. As with any other financial decision - do the research first!
ReplyDeleteMost of the debt relief companies out there, even the reputable ones, charge a fee to make arrangements for you that you could do yourself for free...
ReplyDeleteWhile I'm sure there probably are a few reputable companies of this nature, Joey's point is a good one -- why pay a hefty fee for something you could just as easily do yourself? It's not like people in these situations are MADE of money. If they were, they probably wouldn't be in such dire straits to begin with.
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