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I think they have it all backwards

August 29th, 2011 at 07:47 pm

Earlier today I seen a commercial for a “Debt Relief” Company that was advertising to help you lower your monthly minimum payment. I think this company has their thinking completely backwards. They said if you owed $20,000 and were paying more than $200 a month then you are paying way too much each month.

Now I’m confused here. Isn’t the point to pay off your debt as soon as possible? Even if you were not paying any interest each month it would still take you a little over 8 years to pay off $20,000 at $200 a month. I think you need get that debt paid off asap and be done with it forever.

Don’t sit around making tiny payments each month and barely eat away at your debt. Get yourself focused and hit that debt with all you have.

Posted in Debt | 6 Comments »

6 Responses to “I think they have it all backwards”

  1. Nika Says:
    August 29th, 2011 at 08:09 pm 1314648570
    1314648570

    Their client base thinks short-term, so they are dangling something that will appeal to these people.

    If they were financially saavy, they would not be using these companies to begin with. So I think this company knows their customer.

  2. Petunia 100 Says:
    August 29th, 2011 at 08:10 pm 1314648637
    1314648637

    It's not that they have it backwards, it's that they are hoping to make customers of people who do. Wink

  3. baselle Says:
    August 29th, 2011 at 09:21 pm 1314652874
    1314652874

    They are selling debt and "branding" it as relief. Doncha want to buy? Big Grin

  4. Ryan Says:
    August 29th, 2011 at 10:38 pm 1314657489
    1314657489

    I am so glad I stopped falling for those gimmicks years ago.

  5. Jerry Says:
    September 2nd, 2011 at 09:15 pm 1314998141
    1314998141

    It's ridiculous. They are selling lower payments and eternal debt, and they claim that it leads to a better result? That is insane, and the only thing that it offers is insurance that these "clients" will be completely screwed financially until the day they keel over.
    Jerry

  6. Ryan Says:
    September 3rd, 2011 at 01:14 am 1315012455
    1315012455

    I completely agree with you on that one Jerry

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