In order to better understand what people believe to be true about creditor and consumer relationships, one of our partner companies recently published a survey to ask consumers four very simple questions. The results of the survey were truly shocking.
We recommend that you try the quiz on your own, then scroll down and see how many of the questions you guessed right!
It is possible to negotiate with credit card companies and other lenders to reduce your debt balance by 50% or more.
True/False
Lenders make it easy for consumers to write off half of the debt they owe to the lender.
True/False
When lenders extend credit or give credit cards to people, they already know that they are going to have to let some people renegotiate the repayment of their debt in order to collect some of the money owed to them.
True/False
There are companies that can help people settle 50% or more of their debts with lenders?
True/False
Answers
It is possible to negotiate with credit card companies and other lenders to reduce your debt balance by 50% or more: True
Sometimes people rack up so much debt that they will never be able to pay it back. It happens. Then they might have to declare bankruptcy.
If somebody declares bankruptcy then the lender gets nothing. So they are willing to negotiate a big settlement to make sure you don’t go bankrupt.
They would rather get half their money back than nothing.
Lenders make it easy for consumers to write off half of the debt they owe to the lender: False!
Lenders have hired teams of lawyers and customer service representatives to convince you that you should not settle or declare bankruptcy. They will try ANYTHING to get you to keep paying if they think they can get you to do that.
When lenders extend credit or give credit cards to people, they already know that they are going to have to let some people renegotiate the repayment of their debt in order to collect some of the money owed to them: True
Lending is one of the oldest industries around and people have been negotiating debts for thousands of years.
Banks hire special analysts to calculate how many people will be unable to pay back their loans. They already know they are going to have to settle the debt with some people when they make a loan or start a credit card.
There are companies that can help people settle 50% or more of their debts with lenders: True
There are certified debt repayment organizations that want to level the playing field for people who are in debt. On a daily basis they are helping thousands of people get the best repayment deals from their banks. They take a small percentage of the amount you save as a fee- so they have every incentive to make sure you get the biggest savings!!
Conclusion
We hope that by taking this survey and reading about the truth behind consumer and lender relationships, you have a better understanding of the companies that work to help consumers repay their debt affordably.
If you or someone you know are struggling to afford the cost of monthly debt payments, it is a great idea to take advantage of our offer for a free credit counseling session to see if our credit-partnership programs could help reduce the cost of debt repayment. 888-960-5774
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