[MUSIC] Hi there, I’m Michael Bovee
with Consumer Recovery Network. And today I want to do something
that I should have done years ago when we started
the channel actually. I want to talk about a process
of elimination that is kind of like a checklist of what you
can go through to help you, in the privacy of your own home, determine what your best option
to get relief from debt. In other words, debt help and
then a little checklist of things to do to discover
how you’re gonna deal with it. The first thing that
conventional wisdom tells you to do, and it’s absolutely wrong,
which is important to point out immediately, is
avoid bankruptcy at all costs. All of the talk show hosts and
the different media personalities and a lot
of websites, tons, will talk about how important it is for
you to skip that option and avoid it and gut it out,
grit it out, at all costs. It’s so important for your
credit, most of that’s garbage. It’s actually the place
you want to start. Bankruptcy is the first
thing you want to either know that you can qualify for,
at least chapter seven, where you discharge your
unsecured debts that you’re probably struggling with. Or that it’s something
that you cannot do, and you can cross it off. Okay, because you either
make too much money for your means at testing in your
state or would be forced to sell some things that you
otherwise want to hold onto. Or could sell privately and use
those funds to pay off debt and avoid bankruptcy, where the bankruptcy trustee
would just force you to sell it. So that process of elimination
is something that you either want to have in your back pocket
as you go about your decision making process, knowing that
it’s available to you or that you can simply cross off. So, debt help and the first step is consulting
with a bankruptcy attorney. Again, you can do that from the
privacy of your own home right on the telephone or schedule an
appointment with somebody local, a local consumer attorney
that has office visits. Second is,
do you have the budget ability? Is your income stable,
predictable? Can you make cutbacks in
areas of your finances that would allow you to do
an aggressive debt snowball or what I call debt roll up,
where you’re paying down higher interest cards or lower balance
cards more aggressively, more than the minimums? And then once you finish
with that account, you take those proceeds and apply those to the next account
in line, the next account. You get that snowball effect,
and you can pay down
unsecured debts rapidly. Sometimes you can even
supplement that by selling something
that you don’t use. If you have that mountain
bike in your garage, it’s something you take out
twice in the summer, yeah, maybe you can get rid of that. And use that extra money to
pay down either the highest interest, again, or the lowest balance and start
having some success right away. If you can’t do that, you measure your interest
rates on your credit cards. And if you’re paying any of
them over 12%, I do want you to connect with a certified credit
counselor in order to determine what you can consolidate all
of your debts that qualify, mainly credit cards, gas cards,
store cards, some medical bills. And have a free consultation
again, right over the phone. Get a quote,
down to the penny quote, of what your debt can be
consolidated down to. So for example, what if you’re
paying $800 a month in all of your minimum payments right now,
and your interest rates average 19%? What if you could get that
monthly payment reduced to 600 and have that be fixed over
the course of the repayment plan on all of those
cards that are enrolled? That could give you the
breathing room that you need to one, continue to afford to
pay anything at all and two, to actually be successful and
get out of debt. You can call our hotline
that’s on the screen and press option one. That connects you to
a credit counselor, a certified counselor for
that free consultation and that exact quote of
what you can pay. Finally, you need to think about
what it would take to maybe resolve debt through
negotiating with your creditors a lower
lump sum payoff amount. Sometimes you can get terms. Generally speaking, and we have a ton of videos
up about this topic. But generally speaking,
let’s assume you take your full balances across all of your
unsecured debts that you can do debt settlement with and
cut them in half. So, what’s that number? Let’s say you owe $18,000
in credit card debt, and you were able to get
it all gone for 9,000. How long does it take you
to come up with that 9,000? And your answer to
that question, and of course you’re not able to
pay your credit cards, so you may already be
late with them. Or if you’re not late, you really need to weigh what
the impact of your not paying will have on your credit score
and your credit reports and your goals over the course of
the next one, two, three years. If you had any financing goals,
like buying home and things like that cuz it
will have a major impact. But is that financially viable
for you in a window of time? Raising that $9,000 quick enough
to get those accounts settled and get you out of harm’s
way from debt collectors and some of the more aggressive
collection tactics that are used to get you to pay. That process of elimination
can be done in a day. I’m not kidding. If you’re dedicated, if you’re
focused, you can schedule a consultation with a bankruptcy
attorney or call one today. Actually, you can
call our hotline, and extension three will connect you
to some bankruptcy resources on the phone. But you can also look in
your local phone book. And you can call and
talk to me about debt settlement by pressing option
two on the hotline. So here’s three ways
that you can just for free consult with experts
about your situation. Particularly how you’re gonna
get from where you’re at today, struggling and wondering how
you’re gonna survive and make ends meet while
paying all of your bills. Or you’ve been unable to,
and now what? And finish all of your
research inside of a day and understand from a very numbers
based perspective what you can afford to do cuz really, at the end of the day,
this all comes down to money. Try and take the emotion out of
it, you can only do so much. Many of the people I talk to
everyday cannot qualify for one or two of those options. They can’t do bankruptcy cuz
they wanna save their home. It’s not exempt in their state,
they have too much equity. They can’t afford
credit counseling or a consolidation of all of their
debts, because the minimum payment is still too high cuz
they had a drop in income. Or settlement is just something
that they can’t manage to do because it’s gonna
take them too long. It’ll take you three years
to settle all your debts. You’ll get sued. You’ll have judgments against
you, and you risk lien levy and wage garnishment, depending
on the state you live in. So, get this process
of elimination done inside of a day,
three days, a week. Don’t beat yourself up over it,
there’s tons of research that we make available,
answer a ton of questions. You got the Ask Michael feature
at consumerrecoverynetwork.com. You’ve got the ability to
communicate with us right here in the comments of this video. And boy, you have access to
a ton of people that are here to advise you and inform you about
what they particularly can do to help you through that hotline. So get started. [MUSIC]