What Really is Debt Elimination

4:39 AM |

By Kente Wallman

The other day I had a client ask me, what is debt elimination? This is an extremely common question for people who are experiencing excessive credit card debt. It is hard to tell exactly what debt elimination is unless you have an expert on credit card debt. Luckily I can give you some of the answers.

The concern often arises that ceasing payment to your creditor is robbing them of money. This may seem unethical to many but it is not true at all. Banks loan you money that they create through the process of fractional banking. This money was not worked for by any means and in a sense it was created out of thin air.

Another important piece of information when answering the question, what is debt elimination, is the fact that banks rarely produce original signed contracts for credit card agreements. If you loaned someone money and had a binding contract, would you not produce the contract at the first sign of trouble? Of course you would because you would have kept your side of the agreement. Banks on the other hand do not keep their side of the agreement. This is what debt elimination exposes.

Just because you now know that your contract with your bank in regards to your credit card could now be void does not by any measure mean that you should rack up credit card debt and assume it will be dropped. Debt elimination is meant for the good people who have been hurt by the economy and need help freeing themselves from their debt.

One challenge when answering, what is debt elimination, is the overall lack of knowledge on the topic. Countless consumers have ended up in bankruptcy because they did not know that the option of debt elimination exists. Neither the banks nor the creditors will try to help you find the answers that can totally help you because they are too busy preying on people who continue to make their unaffordable monthly payments.

The final point to address when answering, what is debt eliminating, is what debt elimination is not. Debt elimination is not consolidating four or five monthly payments into one. It is not using a debt settlement firm. It is not running away from your creditors and pretending they do not exist. Debt elimination is using your legal rights to force your creditor to prove that you owe them money before you pay.

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