Well, hello there! I posted a blog about the Debt Snowball method. It's not what it sounds like. Basically it's a method you use to pay off your debt like you build a snowman. Actually, it should be called the debt snowman method because I never build a snowball by rolling snow over snow and making it bigger and bigger. I digress. Anyway, the great part about the debt snowball method is that the amount you are paying off each month increases every time you finish paying off a creditor. It's really the most practical way of reducing debt as long as it's manageable. I explain it all here: Debt Snowball method.

I'm starting a new blog now. Somebody finally talked me into it by telling me I can rant all day long and even curse if I want to! So there you have it. I'm the worlds next blogger who occasionally will drop the eff bomb...or not. Want to see where it is? I'll let you know when I know. I gotta a guy getting it all set up for me. Ok, take care for now.

UPDATE: The blog is here: http://www.debtreductionblog.com

Well, shock of all shocks! Some idiots go and ruin it for the rest of us. Ok, not really. Most people don't pay much attention to the news AND most people are honest anyway. So what's the news? A couple clowns in Jacksonville Florida kept the money they were supposed to be collecting for their clients' debt negotiations. This is what's going to happen to our industry now that the mortgage meltdown is flowing all over the landscape like a morbid lava-flow.

Way too many "loan officers" are getting into "the game". Debt settlement is a serious business. We deal with strong emotions every day. None of this is the be taken lightly. You keep the money??? Seriously? Come on, a-hole! This is not a joke! Somebody needs to crack these clowns across the face with something heavy.

You have to work with somebody reputable. Not to sound like a commercial or a shill but I've been working with this company for some time and they are professional and helpful and blah, blah, blah... if you want to find a good debt settlement company, click the link.

Basically, if you're thinking about bankruptcy, you might as well take a quick look at debt settlement, (aka debt negotiation, aka cut me some slack Mr. Man). Debt settlement is the last stop before your local bankruptcy attorney. You've gotten yourself into a bind for whatever reason. I'm not going to be flip and just say that you're a dork for letting it happen; that would be insensitive and I'm certainly not insensitive. i guess you could say that I'm the cop that's seen and heard too much. The stories are sad. Look at the story about my cousin...he's just one guy! That same story plays out hundreds of times a year. You can't make omelets without breaking eggs just like you can't get to the point where you're thinking about bankruptcy without feeling a lot of emotional pain. Some people kill themselves over this stuff. Editorial note: Do not kill yourself because it will make somebody else cry, I promise. You can get this fixed. You just need to take a deep breath and let it out slowly. Keep repeating the process until the shuddering stops. After that, pick up the phone and call somebody you know. Tell them about what's going on in your life. If you're the type of person that likes to talk about yourself and all the terrible things that have happened then you will find this easy. If you're embarrassed by your predicament, then it may be more challenging. You may wish to go out meet new people to tell, (under an assumed name of course). Hell, tell me if you want! I've heard it all. Nothing phases me. Just talk to somebody and get it out there. Once it's in the open, it will be easier to talk about. If it's easier to talk about it will be easier to do something about. Whatever your reason, credit card debt, medical bills, death in the family or divorce; you will get out from under it. Ok, sorry to go on so long kind of off-topic but I tend to do that from time-to-time. My point was just that bankruptcy happens, don't die or divorce over it. I'll have to write something else about divorce and debt. Debt is poison to marriages. Anyway, on with it, I guess.

Debt settlement is the process of negotiating with your creditors for a lower debt amount. An example of this would be somebody that owes $10,000 on a maxed-out credit card because they've been living off of it for the past 3 months. Now they can't pay. I don't know why this person cannot pay, (most likely due to significant loss of income), but they just can't. After a few months the balance has gone up to $11,000 because of all the late fees and interest. A few more months or years go by and finally the person can pay again but does not want to pay the $15,000 they owe on the one card. The card holder, (our somewhat anti-hero and most likely former cardholder and now referred to as Account #4749783694), calls the credit card company to negotiate for a lower balance. The card company says, "hey, thanks for returning our call 3 years later, pay us $6,000 and we'll go away and so will the rest of the debt." So, our anti-hero cuts a check for six grand and that's debt settlement.

"Dude, I don't have six grand!"

Don't even worry. This is how debt settlement companies work:
1. They get all your info.
2. They figure out a settlement for each creditor.
3. They set up a bank account for you to make deposits.
4. You make deposits into the account month after month.
5. When enough has accrued, the debt settlement company pays your creditors off.

You have to look at this if you're considering bankruptcy. It's not like it used to be when you could just wipe out all your debt and be done with it. You could lose your house now!

I know it seems strange that I don't like talking about debt settlement but more people need to know there's an alternative to bankruptcy. BK causes a lot more problems besides a huge wack at your fico. I guess I'm a bit of a nut because I don't like seeing people that deep down really love each other consider divorce because they owe too much money; that's just stupid! Worse than that is the guy that sits in his living room and eats a bullet because he's so deep in debt he can't see straight. Oh, I've rambled on for 4208 characters now, (I love the little character counter at the bottom). I'm thinking about starting a blog soon. I'm not sure Squidoo is the right spot for my thought. Take care of yourselves and each other!

Dave B.