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Debt collection is becoming a huge industry as our economy continually collapses.
Credit card companies and hospitals will give your information to third party debt collectors if you are unable to make full payments on your bills in a timely fashion.
You are not a deadbeat if you get behind on your bills, especially if you have a million other things to worry about. In order to be successful, one must have courage under fire. Courage is something that people rarely, if ever, learn without being tested.
Character is a trait that most corporations do not possess any more. Character is a trait that many Americans possess despite being crippled by debt and other marketing tactics.
The companies have succeeded in marketing conspicuous consumption and living beyond one's means.
No matter how terrible your life may be, these corporations are going to make their money.
It's a cruel, cruel world out there.
Slowly, I am learning to divest from financial institutions and leverage whatever status I have to get ahead financially. If I ever get a credit card again, it will be once I have three times what I have in my savings account now and I will make sure to borrow a reasonable amount to finance my business endeavours.
Some people believe that connections will get them ahead. And, others believe that they can use other people's money wisely, but the problem with using other people's money is that these companies can tack on exorbitant fees if whatever plan you had goes awry.
It is better to use student loans, home equity lines and credit, personal loans, secured credit cards, and friends and family to start a venture. Most people in the lower middle class and middle class do not get richer unless they work extremely hard.
The worse trap one can find themselves in is borrowing to make ends meet. One accident can ruin one's financial reputation. Debt collectors obviously are not in the empathy business.
The fees and interest rates that these collectors tack onto these bills are ridiculous. A bill that may have been $400 may be increased to almost $700 with interest rates and late fees.
The only way to get ahead is to get into debt for things that are worth it. These things are houses, school, and investments in real estate and businesses.
Failure is a part of life. One cannot be afraid of failure. Debt need not be a part of life as long as one learns the importance of logic and deferred gratification.
Further, the companies that collect debts are usually unethical and will call you between the hours of sunrise until midnight.If one finds that these calls are disruptive, one can complain and report these calls as harassment and even take some of these third parties to court for their tactics.
Debt collectors are soulless goons.
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