Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 3)

Horrible Get Out of Debt Advice Lands
Family In Hot Water With The IR$ Part (3)

Bad Get Out of Debt Advice - Become a Credit Card Debt Shuffler
It amazes me how many individuals don’t realize that transferring balances merely moves credit card debt from your right hand to your left hand and only gives you a temporary reprieve. The credit card companies created the 0% teaser rates and other programs to entice people with credit card debt to transfer their balances. If you read the disclosures, in the end, they get you a number of ways:

By eventually increasing those low teaser rates.

By including hidden charges such as transfer fees, usage fees, overage fees and universal default penalties.

By enacting just because fees, changes or charges.

Did you know that all credit card companies have it written in their disclosure in some form of legalese, that they reserve the right to increase your rates at will? These companies love it when people rely on transferring balances of shuffle debt as opposed to actually getting out of debt.

Bad Get Out of Debt Advice - Go to (HEL) Home Equity Loan
The primary reason a home equity loan is bad get out of debt advice is because most people are taking unsecured debts and transferring to a debts that are now secured by their home. Why would a sane person make such a move is beyond me.

In some states this means that if you get behind, the creditor can make a “B” line to foreclosing on you. The other drawback I’ve seen over the years is many get a HEL, pay off their existing debt and turn right around and max those credit cards all over again. Remember the first rule of thumb: Never go in debt to get out of debt!

Bad Get Out of Debt Advice - Beg and Borrow From Family and Friends
More people have followed this get out of debt advice and ended up straining or altogether losing an otherwise good relationship or friendship. Actually, although most people see it as getting out of debt, it is not. Once again, all a person is doing is shuffling debt from their right to their left hand.

If something happens and a payment or two or three is missed, then what? Hard feelings? Resentment? Regret? Never heed bad get out of debt advice; it will only compound your debt problem.

Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 1)
Some Get Out of Debt Advice is not only horrible, it just may land you in hot water like this family. They had a debt problem, sought professional help and ended up in worse condition.

Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 2)
On the surface, the Debt Advice this family received seemed like it was on point, But in reality, it landed them in hot water with the IRS. Instead of their debt problem going away, it got worse, find out how they unwittingly received some very bad debt advice.

Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 3)
After receiving terrible get out of debt advice, this family had to pay the piper. They had some hard decisions to make after realizing their debt problem got worse instead of getting better. Don't ever follow in their footsteps.

William Phillips brings a degree in economics and an unwavering passion to help fellow Americans come from under the clutches of debt. He believes that with the right debt advice or debt counseling, anyone can recover from the stresses of being overwhelmed with credit card bills and other debts.

For more information on this topic or any other issue related to getting out of debt, living debt free, debt management, debt relief, the Fair Debt Collection Practices Act and stopping debt collectors in their tracks, please visit www.DebtErasure.com

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◦	Shocking Credit Card Debt Alert – Credit Card Companies Arbitrarily Slashing Credit Limits
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Student Loan Debt

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Debt Collection Statute of Limitations

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◦	Excellent Get Out of Debt Help (Part 2)
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◦	What is The National Association of Certified Credit Counselors (NACCC)
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◦	Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 1)
◦	Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 2)
◦	Horrible Get Out of Debt Advice Lands Family In Hot Water (Part 3)
◦	Get Out of Debt – Americans Are Coming Up With Unique Ways To Wipe Out Credit Card Debt

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Horrible Get Out of Debt Advice Lands Family In Hot Water With The IR$ Part (3)

Horrible Get Out of Debt Advice Lands
Family In Hot Water With The IR$ Part (3)