Banks and Collectors Have a New Twist on the Old Bait & Switch Tactic
Banks and Collectors Have a New Twist on the Old Bait & Switch Tactic
“Mr. Smith, Here at XYZ collections our goal is to find a solution to your current debt owed that will work with you current financial situation. We have a solution that we are willing to offer you today that will make all parties involved happy. Our offer that is on the table for the next 30 days is to transfer your current balance over to a new credit card with a fixed 0% interest rate for the life of the debt.
The best part is that you will be making a payment that you can afford and being a new line of credit it will help rebuild your credit score as you payoff you current debt!”
Now here is the catch:
In the fine print terms for the new credit card offer they have the right to sue the party to acquire the balance. Since the debt has been transferred to the new card the debt is no longer beyond the statue of limitations and is fair game for litigation. Not only does the card holder get a possible judgment and punishment (wage garnishment, liens, or foreclosure); they now have 2 bad marks on their credit report.
The moral of the story:
The first thing to do is avoid getting into debt! Pay cash and be very hesitant when it comes to financing anything. In today’s society it is virtually impossible to live without some credit. Make sure that you take the time to educate yourself on how to properly build, maintain, and use your credit. There are many resources out there; especially with the internet at your fingertips.
If you do find yourself falling behind or you can see that it might happen; get help! There are many good companies out there that can guide you on what your options are.
Don’t take the first piece of advice out there (including this article); debt is never a “one size fits all problem”.
There are many good companies and there are just as many bad ones. Educate yourself on what the differences are between debt consolidations vs. debt management vs. debt settlement.
Banks and Collectors Have a New Twist on the Old Bait Switch Tactic - To learn more about this author, visit Eric Pinola's Website.
Like this article? Share it with your friends
The pitch goes something like this:
“Mr. Smith, Here at XYZ collections our goal is to find a solution to your current debt owed that will work with you current financial situation. We have a solution that we are willing to offer you today that will make all parties involved happy. Our offer that is on the table for the next 30 days is to transfer your current balance over to a new credit card with a fixed 0% interest rate for the life of the debt.
The best part is that you will be making a payment that you can afford and being a new line of credit it will help rebuild your credit score as you payoff you current debt!”
Now here is the catch:
In the fine print terms for the new credit card offer they have the right to sue the party to acquire the balance. Since the debt has been transferred to the new card the debt is no longer beyond the statue of limitations and is fair game for litigation. Not only does the card holder get a possible judgment and punishment (wage garnishment, liens, or foreclosure); they now have 2 bad marks on their credit report.
The moral of the story:
The first thing to do is avoid getting into debt! Pay cash and be very hesitant when it comes to financing anything. In today’s society it is virtually impossible to live without some credit. Make sure that you take the time to educate yourself on how to properly build, maintain, and use your credit. There are many resources out there; especially with the internet at your fingertips.
If you do find yourself falling behind or you can see that it might happen; get help! There are many good companies out there that can guide you on what your options are.
Don’t take the first piece of advice out there (including this article); debt is never a “one size fits all problem”.
There are many good companies and there are just as many bad ones. Educate yourself on what the differences are between debt consolidations vs. debt management vs. debt settlement.
Banks and Collectors Have a New Twist on the Old Bait Switch Tactic - To learn more about this author, visit Eric Pinola's Website.
Like this article? Share it with your friends
| |||
 |
No article feedback found. | ||
|
Leave Your Feedback | ||
|
|||
 What do Fishing & Selling have in Common?
| |||
| The simple answer is they both require the right tools and skill. Let me explain. |
|||
|
When Free Is Just Too Expensive
| |||
 Offering free stuff as a marketing tactic is an accepted practice in most industries. |
|||
|
SMEs and South African banks
| |||
| South African banks are permanently between a rock and a hard place in the context of SME's. |
|||
|
9.3.4 Commercial banks: Support for Growth-oriented Women Entrepreneurs in Tanzania, 2005
| |||
| With respect to commercial bank financing, key informants indicated that banks
lack experience in dealing with the SME sector. |
|||
|
Effective Lead Generation Tactics From Your Strategic Thinking Business Coach
| |||
| A key element of a strategic marketing plan is the generation of qualified leads. No matter what type of business you have, there is the need to generate quality leads. The challenge for many businesses owners (an... |
|||
| |||
|
For an online Car Loan Calculator and finance for a cheap car loan. Get approved on car loans or car finance in Australia with cheap bank car loans and finding a car finance broker. Commercial car loans including business car finance and car lease. Car Loan Calculator has information on finance companies and getting the right cheap car loan from banks at best car loan rates and a online car loan calculator for all finance in Australia. Get the best car finance with our help at Car Loan Calculator and Finance Ezi. - Visit Richard Jefferies's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
 Eric Pinola (Visit Eric's Website) Credit Alliance Group is a leading debt management company in Dallas, Texas that provides solutions to any unsecured debt challenges. As the director of enrollment I am encouraged to see how much we can help people each day. Our programs are built around the client’s budget; so that they can become debt free again without unnecessary stress. We offer a Basic, Pro, and Elite edition of our services. The road to becoming debt free can be long and hard so it is important to make the journey with a company that truly cares and has the experience to get the job done right the first time. Check out our website; or give us a quick call for a free no obligation enrollment package with your figures in it. 1-866-359-5677 www.creditalliancegroup.net or debt-credit-repair.com/index.html
|  |
 |
| Credit Alliance Group - Dedicated to helping people to become debt free. |
|
|
|
 |
|
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
 |
 | ||
 |
||
 |
||
 |
||
|
| ||
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
|
 |
 Marketing ScoreCard Instant Flyers Startegic Plan Creation Strategic Alliance Start Right |
|
 | ||
 |
The Top 10 ProBlogger Posts
Best Posts for Bloggers | |
 |
Top 50 Geek Business Blogs
Top 50 Geek Business Blogs | |
| ||
 |
|
|
|
|
||||||||||||||||||||||||
 |
|
|
||||||||||||
