subject: How to Take Advantage of a Bad Economy and Eliminate Your Unsecured Debt [print this page] A recession in the economy is bad news, right? Wrong! A bad economy is not good for your finances, right? Wrong! This may seem contradictory but it is true. When your economy is in recession, it is the right time for you take steps to eliminate your unsecured debt. A booming economy is the right time to earn lots of money to keep your debts under control. However, when the boom goes bust and when your income takes a beating, it is time to take other steps to eliminate your unsecured debt. What does the phrase "unsecured debts" mean? These debts include
a. Medical bills dues
b. Credit cards dues
c. Department store cards dues
d. Personal loans dues
e. Student loans dues
f. Bounced checks dues These loans are called unsecured because the lender is not offered any specific asset to repossess or foreclose in event of non payment of the debt. Sounds like a risky proposition? Sure is! That is the reason why unsecured debts bear high interest rates. How can a bad economy help you eliminate your unsecured debt? What are the consequences when the economy goes bust?
a. You may lose your job
b. You may have to accept a pay cut
c. You may stop making repayments on you dues
d. You may even file for bankruptcy If you lose your job, your unsecured creditor may lose the option of going to the court for a garnishee on your wages. If your wages come down, the garnishee amount too would come down. Irregular repayment is only going to lead to penal interest and other penalties that will increase the outstanding debt. This will only increase the risk faced by the creditor. Bankruptcy will leave the lender stranded with very little chance of recovering debt. That is the reason why lenders are ready to help you eliminate your unsecured debt even if it means they have to sacrifice a portion of the profit. A drowning man clutches at straws. A firm that faces the risk of seeing a major portion of its assets go down the drain will not run after profits. It will help you eliminate your unsecured debt so that it can remain afloat. This is how you can use the bad economy to get rid of debt. If you are currently experiencing short term cash flow problems and are in need of quick cash then you will obviously want to get the best deal. I would strongly discourage you from going directly to a particular payday lender as you never really know if you are getting the best rate. Instead, the most efficient way to receive multiple quotes and get the best deal on your short term loan, is to utilize a multiple lender website that is affiliated with several payday lending companies. These websites will make the payday loan companies compete over your loan and therefore you are able to choose the one that was able to offer you the best deal. Going through a multiple lender website will save you time and money and they have consistently offered consumers the best market rate available. They are free to use and are by far the most convenient method to get quick cash. For a payday cash advance loan lender that has consistently provided competitive rates check out this link:Free Debt Advice
How to Take Advantage of a Bad Economy and Eliminate Your Unsecured Debt
By: Eri k stump
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