What do the Critics say about Debt Elimination?
First - Rules to Follow for your own self preservation
Before seriously taking the advice of an expert, be sure that he/she is not biased. Someone who works for or is affiliated with a bank or a banking related company will be biased. This information is closely held, and to discredit the concept is to their advantage.
Be sure you check out the record of the company who is going to help you with your debt elimination program.
The critics may be found on the internet and other publications. But the internet is the most prevalent resource. The negative talk goes something like this: Our answer is in blue.
Debt-elimination companies charge a steep fee and promise to send you materials and help you with their experts who will take you through the process.
Yes, the fee is not cheap. They work for a living too. If you owe $15,000 or $50,000, or $250,000, another $1,500 isn't going to make too much difference, especially if they help you get rid of the whole thing. Suppose you owed $20,000 on 3 credit cards, and you charged the $1,500 fee to one of your cards that still had credit on it -- Now you would owe $21,500 total. Then that debt is taken away making the fee essentially free.
Eliminating your debt sounds too good to be true.
If your read about the banking laws and the Federal Reserve Bank, that whole thing sounds too good to be true. Our banking system allows banks to create money from your signature - out of thin air. If you were to deposit $1,000, they can "create" and loan out up to $9,000 to someone else using your $1,000 as a basis. There is no backing of this new money other than the confidence in the U.S. Banking system.
What is missing from the Web sites that advertise debt elimination is that if laws are in place that make it illegal for a credit card company to extend you credit, why are there billions of credit cards in circulation?
There are no laws that make it illegal to extend credit. This is a perversion of what is being said. What is going on is that legally a bank is using your person, or your signature on the promissory note to make more money, and the rule from the Federal Reserve (that very few know about) is that the bank owes this money back to you.
Debt elimination companies use the murky debt elimination process based on information from Title 15 United State Code - section 1692 - The Fair Debt Collections Practices Act; and section 1601, the Fair Credit Billing Act and the Uniform Commercial Code, section 203.
Yes, but it is not murky. And they use other statutes and laws pertaining to the little known codes of the Federal Reserve Bank which in reality is not Federal - it is privately owned by private banks -, there is no Reserve of money; and it is not a Bank. Talk about murky!..........We have no real backing on our money. When you deposit your hard earned money into the bank, they give you a statement on a piece of paper with ink on it saying that you have so much on deposit. That is your only security. For all the people that have... say $10,000 in the bank - maybe 5,000 people for example - and all those people, just suppose, go to the bank on the same day to withdraw their $10,000 - do you think the bank will be able to give them their money? The answer is NO. Because they do not have it!!! Not that much. They never keep more than 3% cash money on hand. And that money is not available for loaning out. It has to be there for those people who come in and cash their paychecks, and so forth.
There is no "free lunch"
Then we refer you, again, to the banking system in our country and the Federal Reserve System. The whole basis is on a "free lunch concept". It's just that the average person - the little people - aren't aware of the big picture. And, strangely enough, either are most bankers and lawyers. To read more about the Federal Reserve - how it was created; why it was created; and all the little known facts - get the book titled "The Creature From Jekyll Island" by Griffin. The "creature" is the Federal Reserve and Jekyll Island is an island off the coast of Georgia where they secretly met in 1910 to create the "beast".
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