What Debt Elimination Really Is

What is debt elimination? Many people around the country are wondering the same thing. Some have said that it is unethical and wrong. Others are convinced that it is the only way to get rid of unmanageable debt in a reasonable amount of time. What is the truth about debt elimination?

One reason that consumers may feel that debt elimination is unethical is that in their mind they treat their creditor as they would a friend. The question is, would you charge your friend with an interest as high as 35%? Probably not. Not to mention that banks loan you money that did not even exist in the first place through the practice of fractional banking.

There is a serious problem with how creditors function which debt elimination can help expose. Creditors and banks rarely produce signed and dated agreements that prove that their collection efforts are valid. This is because they have often adjusted or broken the terms of the agreement from their end. Thus producing the contract and pressuring consumers to meet the terms of the agreement opens the door for the alleged debt to be dismissed.

Debt elimination helps to expose this problem. Debt elimination is not just out there so that anyone who wants to borrow money can decide to rack up some huge credit card debt and walk away. The purpose of debt elimination is to provide relief to those consumers who really need it and to keep the banks and creditors play by the rules.

One challenge when answering, what is debt elimination, is the overall lack of knowledge on the topic. Countless consumers have ended up in bankruptcy because they did not know that the option of debt elimination exists. Neither the banks nor the creditors will try to help you find the answers that can totally help you because they are too busy preying on people who continue to make their unaffordable monthly payments.

The final point to address when answering, what is debt eliminating, is what debt elimination is not. Debt elimination is not consolidating four or five monthly payments into one. It is not using a debt settlement firm. It is not running away from your creditors and pretending they do not exist. Debt elimination is using your legal rights to force your creditor to prove that you owe them money before you pay.

Want to find out all on what is debt elimination, then go to Keno Wallman’s site on how to choose the best debt elimination guide for your needs.

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