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There is No Easy Way Out of Debt

If you are in debt, you are probably hoping that it will magically disappear. I hate to be the bearer of bad news, but that just isn’t going to happen. Forget your dreams about the lottery and the ads that tell you it can be quick and easy. It just doesn’t happen that way.

There are many companies out there just looking for consumers who are desperate to get out of debt. They promise to legally eliminate your debts, or even to cancel them. But they aren’t telling you the entire truth.

The ads promise to eliminate your credit card debt. Many say that they will help you fight the legality of your credit card debt for a fee, which is charged to your credit cards and then contested by the company.

The sales pitch will be excellent. The company tells you that there is a legal basis for how consumers can legally eliminate their debt. They even quote several laws, but the laws have nothing to do with rendering credit card debt illegal. Many companies will tell you that the credit card company’s contract with you isn’t legal. However, it is. The company is just trying to scam you.

Some companies promise to show you how to force your credit card company into legal arbitration in order to get your debt fully discharged. However, they will tell you to stop paying your debt in order to do this. By not paying your debt, you are ruining your credit history. You can forget about getting credit in the future. You may end up in arbitration or possibly court, but you will not win. You will pay back every cent of your debt, plus the default interest, the fees paid to the debt elimination company and the legal fees and court costs of the credit card company.

A few companies will prepare you a legal sounding document called a “Bond for Discharge of Debt.” They tell you that when the credit card receives this with your minimum payment, that they’ve agreed to eliminate your debt by cashing the payment. This is not true.

The companies that put forth these scams are after one thing — your money. They will charge you high fees and you will get nothing in return. In fact, you could destroy your credit and end up owing much more than you started with.

If you borrow money, you have to repay the money. No company can eliminate your debt. Your credit card debt is not illegal. Never respond to ads related to your debt. Legitimate debt management companies and counselors will not advertise this way. Always know exactly who you are doing business with before you hand over any money or personal information.

If you are in debt trouble, take the time to educate yourself on the proper way to manage and eliminate your debt. It isn’t quick and it does take some work, but once you start, you will be surprised at how it becomes a part of your daily routine. Debt management is an essential part of handling your finances in today’s world. Take the time to learn how to eliminate your debt wisely.

Martin Lukac , represents , an Internet consumer banking marketplace. is a destination site of personal finance, investing, taxes and mortgage rates. provides mortgage guides and financial rates and information. also operates a financial portal #1 American Financial, found at
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