Debt is Big Business
Debt is big business! Personal debt fattens the wallets of the world’s largest companies while it sucks the joy out of family life and destroys hope for a better future.
And the debt business is crazy. Doing research for a new calculator, I hit Google.com for “debt reduction calculator” and noticed the eight “Sponsored Links” on the right hand side of the web page.
What appears at the top of the sponsored links? A bank inviting folks to (literally) borrow from Peter to pay Paul! It’s an advertisement for a loan to pay off your loans! “Pay off your bills with a personal loan from Bank Name today”
The remaining sponsored links were for debt reduction services offering online calculators designed to show visitors how bad their current situation is and how much joining the sponsors’ debt reduction plans will help them.
The debt reduction industry is booming and the promised results are enticing. Most of the ad sponsors promised to save participants “up to 50% on their current payments”. Some offered to help participants “instantly save thousands of $” with one low monthly payment.
Anytime there’s money to be made you find good guys and bad guys. I’m sure a significant number of debt reduction services are operated people who truly want to help others get out of the cycle of debt. I’m sure, too, that a number of debt reduction services exist only because there’s money to be made at the expense of another.
If you choose to use a debt reduction service, you really should do your homework. Contact the Better Business Bureau, your own CPA or attorney, your local banker, etc. before you sign on any dotted lines or “Click to Agree” to a web site’s terms.
If you’re swimming in debt and are able to keep your nose above water in a hard economy, you’re blessed. If you’re struggling, bless you. It’s hard work and scary. Keep swimming for shore and keep an eye out for the sharks! You know they’re out there …
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