Comments on: Debt Reduction Is About Changing Your Behavior Not Switching Money Around

By: C. Sykes

C. Sykes — Mon, 04 Aug 2008 21:56:46 +0000

A large part of the problem are the continuous pitches from banks and credit card issuers. I just wrote a post on my blog about a home-equity loan offer I received that started by comparing a principal/interest payment with an “interest only” payment. It also pitched a 4% interest rate…you had to read the fine print to find out that this rate didn’t apply for borrowing any amount under $100,000!

And, surprise, surprise, the only thing in the letter mentioning that with a home equity loan you’re putting your house up as collateral was a “we comply with the necessary notification” line, also in the fine print.

Any ordinary consumer reading this would have thought it was a great deal. It was about as crooked as a pitch could be…and it came from a major bank.

I swear, financial companies nowadays use tactics that would make snake oil salesmen blush.

Cathy
moneytospare.net

By: julie

julie — Wed, 11 Jun 2008 19:32:01 +0000

I can understand how that may bring a bit of relief to that person, even though he is missing the big picture, in to the daily, weekly or monthly transfers instead of several payments it comes down to one, bringing a false sense of economic stability and a fair acquisition ability…

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Mon, 02 Jun 2008 15:33:38 +0000

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Prime Time Money: Unofficial Summer Kick-Off Roundup | Prime Time Money — Sun, 01 Jun 2008 05:31:09 +0000

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By: Symptoms of Debt | Be Debt Free

Symptoms of Debt | Be Debt Free — Fri, 30 May 2008 23:50:41 +0000

[...] Just seen this article from The Happy Rock. It’s a good reminder that to get rid of debt you have to change the way you think about it. [...]

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Friday Link Love - Memorial Week Edition | One Caveman's Financial Journey — Fri, 30 May 2008 14:37:34 +0000

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By: Genivive

Genivive — Fri, 30 May 2008 11:50:02 +0000

AMEN! So many people get caught up in moving debt around instead of getting rid of it. What’s worse is that they don’t get rid of the card that they just paid off using a balance transfer and 6 months later it’s up in the rafters again and they’re back to paying minimum payments. People get real, understand that you need to get rid of debt completely using a thought our debt reduction plan. Do as the man says, Change YOUR LIFE.

By: Diana

Diana — Fri, 30 May 2008 04:02:35 +0000

Nice post. Curing a desease must be done to the main cause, not only removing the symptomp. We must do the same when dealing with debt.

By: PT

PT — Wed, 28 May 2008 21:02:53 +0000

Good point, Rock. I can’t imagine how hard I’d have to bite my tongue if someone said that infront of me.