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Credit Industry Secrets
In order to help you understand the key to eliminating your problem debts, it is important to first discuss some of the Credit Industry's best-kept secrets.

This is information that credit card company managers, bank presidents and other credit industry people would prefer you did not have. Make no mistake, your creditors don't want you to know what we are about to tell you. But, we at Debt Consolidation Advisors feel you do have to right to understand all of your options before you decide which debt consolidation strategy will work for you. We assure you that by the time you have fully read this report, you'll know more about debt consolidation and managing your debt than nine out of ten people trying to cope with the same high debt levels.

Understanding Banks And Creditors
Before we get right down to the nitty gritty, it's important that you understand something about banks and credit card companies. Many people think that disclosing the details behind their financial problems is the best way to ensure their bank or credit card company is "sympathetic to their situation". What you should know is that this is NOT the truth, and the reason is simple: Your bank or credit card company is NOT ON YOUR SIDE!

As much as we'd all like to believe otherwise, your bank or credit card company is only after their money, and that is all. Despite the friendly tone of voice and the mock-sympathies of bill collectors, they don't care how you fell into debt. They simply want the minimum payment - period.

In essence, the bank representative doesn't really care if you or your spouse lost a job and didn't find new employment for six months. Sadly, they also are not sympathetic if you were recently seriously injured or sick and found yourself with medical bills that were too much for you to handle. And if you're in the midst of a painful divorce or separation, bank representatives are the absolute worst people to confide in.

It's a sad reality, but it is the truth. As far as your credit card company is concerned, you signed an agreement, and if you are unable to make payments, they don't care about the reasons. In fact, they will likely make your life very unpleasant. Once this all starts to result in you falling behind on your debts, they are ready to initiate the dreaded collection process at the drop of a dime.

You may already know how it works: it begins with polite phone calls, then letters, only to end up culminating in quite nasty letters, daily harassment (sometimes even at your place of business), and very abusive (if not illegal) tactics, all to make you pay your payments, immediately.

This is why it is critical for you to understand that once you fall behind, these collection people are employed solely to get you to pay your payments now. It doesn't matter where you get the money from, because a collector's sole goal is to get you to send in the money immediately! This is why under difficult circumstances, your bank or credit card company is your adversary - and absolutely NOT your friend.

A Simple Example
Like it or not, your creditors will use ruthless tactics to get you to pay. An example is probably right in front of your eyes. Try this: pull out a copy of your credit card agreement - try the card you're having the most difficulty with - and look carefully at the fine print. If you look hard enough, and granted, most fine print sections are quite unreadable, you are almost guaranteed to find a clause stating "Interest rates will be substantially increased in the event of debtor default on monthly payment agreement".

Does this sound like the actions of a friend? An organization that is "dedicated to serving you"? To us it sounds like a company stating in advance that they have the right to kick you while you're down!! Keep in mind that this is the time when you really need a lower interest rate, in order to free yourself from the cycle of debt payments! But what do banks and credit card companies do? They charge a higher interest rate.

Some of our clients had experienced what we now call "rate jump", which is when your already high interest (20%) credit card rate jumps to 30% when your debt becomes delinquent. In the old days, remember, people used to go to jail for charging rates like that. Today, they become bank presidents!

Read on to discover the debt management strategies at your disposal.

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