Sunday, January 26, 2020

Credit Associates: More "duck your responsibility" garbage

"Here's what the credit card companies don't want you to know: If you owe more than $10,000 in credit card debt, you have the RIGHT to allow US to WORK to lower that amount to a fraction of what you owe..."

Here's what Credit Associates, CreditRepair, Optima, and every other "pay us to do what you can do yourself" scumbucket organizations like this Don't Want You to Know:

First, you don't have to owe $10,000, $5000 or even $1000 to talk to your credit card companies about setting up a payment plan or reducing your interest rate.  Pretty much EVERY credit card company will be more than happy to work with you on the former.  You are far less likely to achieve the latter, unless you've already got a great credit rating and/or threaten to move to another credit card company which has already approved you and is ready to transfer your debt over to them.   The reason why these scum-sucking cretins always pitch the "If you owe more than" line is because they are specifically targeting people who are in deep, deep trouble and know that people with moderate debt are far less likely to fall for their pie-in-the-sky promises of getting out from under responsibilities.

Second, you don't have a "right" to anything from your creditors other than a monthly statement explaining exactly how much you owe, what the interest rate is, and how long it will take you to pay it off (and what the final amount paid on the original debt will be if you foolishly opt to make only minimum payments every month.)  When these companies say that you have the "right" to lower your debt, they are simply lying.  You have the right to negotiate. You have the right to ask.  You don't have the right to lower payments, lower interest rates, or to have your credit card company simply forgive part of your debt (this last can be achieved only through bankruptcy proceedings. Which leads me to my final point...)

Third, even if by some perfect combination of stalling, begging and negotiating you did manage to get your credit card debt reduced by these weasels, your celebration of victory over The System will last only as long as it takes for you to check your new, Far from Improved Credit Score.  Because guess what?  No credit card company, having evidence that you pulled crap like hiring one of these bottom-feeders, is going to extend credit to you for years, if not decades, if not For Ever.  Think about that before you decide that the long, slow slog involved in paying off a credit card debt isn't for you and you'd rather go for the Unlikely Quick Fix with long-term consequences.  Or get to know the Payday Loan guy down the street.  Bring your car title.


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