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When you are in serious trouble because of ongoing unsecured debt, it is hard to know where to turn.  The easiest thing is what most people do:  put your head in the sand, ignore what is happening, and hope it will all just go away.

Most people go through a period of denial…a time when we hope for the best…that something will miraculously make it all go away including buying a lottery ticket.  But there can be serious consequences to doing that.

When you look at a credit card statement today, it shows you the number of months and/or years it will take to pay off the amount you spent if all you pay are the minimum payments.  It's easy to discount that by thinking "well, something will happen…I will get a raise, or a second job…something that will allow me to pay back what I owe".  If we didn't have a positive attitude about the future, we wouldn't spend in the first place…it's human nature.  But life happens.  We lose a job, off work for months while trying to find another job.  Or, we were hit with catastrophic illness.  Or we had a baby, or someone passed away.  We were down sized in our job.  There are lots of different things that occur in life seemingly without our causing them, that interfere with our ability to purchase and pay for the things we need.

But the credit card and loan industries don't care about that.  They are bottom line oriented, and most are having to deal with investors and/or shareholders.  So they push.  You make a mistake and miss a payment being sent on time, and they jack up the interest rate, making things worse.  Then that added interest and penalties push you past the maximums allowed on your loan, and now you have more penalties added.  Then the creditors start the relentless phone calls and threatening emails, so your fear level goes through the roof.

Once you miss a payment, the creditor puts you into default.  Default starts a chain of events within the bank, which can end up in a lawsuit to collect.  If a creditor were to sue you and win the case, he would have three remedies available to him:  garnishing your wages (taking up to 25% of your gross income every paycheck), levying your bank accounts (freezing what money you have, and in 30 days, that money is transferred to the creditor to partially pay your debt), and placing a lien on any property you own (you will have to pay off the amount before title can be transferred to someone else).  Now none of us want that to happen, but when you can't meet the multitude of payments required, what can you do?  Uncle Mike may have the answers.  Call for your free consultation today with no obligation:  1-877-7ASKMIKE

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