Some of us that carry an excessive amount of debt simply stop making payments- however, the debt collectors won't simply disappear. Most of them will do everything in their power to collect a debt. And consequently, your credit will be ruined up to 10 years!

On a sub-conscious level, it's much safer to try to forget about our debt-load. We may erroneously believe that our debt will somehow vanish.

Ignoring Our Situation Will Only Make Things Worse

If a debt elimination company contacts us because we have stopped making payments, we may inform them that we're not interested. But why shouldn't we be interested? Why continue to procrastinate and stress-out year after year, decade after decade? Why continue to make payments that never seem to end?

Please tell me, should your golden years be spent watching old reruns of The Love Boat, or should it be spent actually enjoying the fresh outdoor scent of an actual cruise?

Your creditors are now offering stimulus plans for people with too much credit card debt. Take advantage of them while you can. Who knows how long it will last.

If I Stop Making Payments, Will My Debt Mysteriously Vanish?

I'm afraid not. More often than not, it will continue to climb. That's another truth about debt. The debt collection companies will do everything in their power to collect their debt!

Carrying a substantial amount of credit card debt is like skating on thin ice- it's dangerous and unpredictable. The problem is that you have no control in determining what schemes that your creditors will engage in the future. Most of them will probably sue immediately.

Without warning, they can increase interest rates, penalties and fees any time they choose. And lately, they've been doing plenty of that. Because of the financial crisis, they need to compensate for the reduction in profit that they've been experiencing.

What's worse, excessive credit card debt ruins your credit. It scares lenders. As a result, your credit score is reduced, hence less favorable terms will be offered - if you can even qualify. Higher interest rates and a larger down payment are likely to result-all because you made the decision to stop making payments.

It is possible to get a new start

We plead with you to take a few minutes and make an honest assessment of your situation. Now, rewind the clock back to the time when you had no credit card debt. Do you remember how tranquil you felt not being bombarded with debt?

Do you remember how peaceful you felt not having to worry if and when your credit card debt would ever be eliminated? Do you remember how comforting it felt not having to worry about having the money to pay next month’s credit card payments?

The fact remains, there are effective programs that can wipe out your debt as fast as 12 months. Take advantage of them. Stop procrastinating!

Making the decision to understand the truth about debt and not stop making payments is the first step to being debt-free. Don't you think it's time to rewind your clock?

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