J.R.
Thank you for your post...I think. lol
I don't recall mentioning credit repair here. In fact, I seldom use that phrase, because it has come to mean something that I absolutely believe is counter-productive. I do not in any way advocate the use of a 'professional' credit repair company to deal with debt issues.
At best, they do what you can do for yourself, i.e., challenge inaccurate information on your credit report. There are numerous publications about how to do this, including on the websites of each of the credit reporting agencies. Every American is now entitled to order a credit report free on a yearly basis, and should definitely do so in order to keep it clean.
At worst, many credit repair companies simply charge outrageous prices while making promises that they cannot perform on. And the most insidious problem is that by negotiating some debt away, or claiming that they can make legitimate debt disappear, they are treating the symptom rather than the illness. The debtor doesn't learn anything, and continues his self-destructive spending habits.
I'm curious about your website. The name sounded familiar, and I know I've investigated a company with a similar- sounding name to determine if they are competitive with ATI, the one I promote (they usually have an overlap of features, but none have had the same mix that helped me.) I found Financial Freedom Society, which is one of the quasi-competitors, and Financial Freedom Network, which seems to have something to do with real estate, another interest of mine. Are you associated with either of those?
You appear to offer a number of books and audio materials, which in and of itself is great. I'm all for more education, as long as it isn't coming through the credit industry, which I have long said doesn't have our best interests at heart.
In my experience, though, books and audio aren't enough. Most people who have managed to put themselves into a debt crisis did so not only through lack of education about money, but through lack of either discipline or an effective,
easy way to track their expenses no matter how they are paying for them (really, those are same thing). People will typically read a book, make a half-hearted effort to change their ways, and give up because it requires too much work. Our tools solve that.
Now, to your point about Universal Default. You are absolutely correct, and the most frightening part is that mortgages are now being written with the same clauses. Imagine your mortgage interest rate being raised to double what you contracted for--over the remainder of the thirty-year period! Your payment would skyrocket.
Combined with the issues I brought up in
this post last September, a money meltdown is indeed in the future for a frightening number of people here in the US.
I have searched back through my forum threads because I couldn't believe I hadn't brought up Universal Default already, and couldn't find it. So I appreciate your bringing it up here. In fact, I'll no doubt start a new thread for it as this one seems to have mostly run it's course.
Cheri