The Pole Counsel aims to be a revolutionary way to tackle physical fitness as well as financial fitness all in one place. With so much happening in the current financial climate, there is no better time to dive into something new like pole dancing to better your mind, body, and spirit while also understanding topics such as credit, bankruptcy, and the bigger pictures of finance. Through these educational practices, it is our hope that The Pole Counsel is not only your new obsession for all things pole dancing and financial assistance, but creates a shift towards a new and innovative thinking for what pole dancing is and how it can create an incredible bridge for those seeking freedom from the crutches of financial illiteracy. Start freeing yourself like never before and take a chance to create your own path towards achieving greatness.
Paying For Bad Credit
Unless you have been off the grid for the past two years, every where you look you see a new debt consolidation ad or credit repair company. Social media has been taken over by credit “gurus” with profound memes and tips on how to improve your credit and live videos dropping knowledge on how to raise your credit score to 1000 (kidding) and qualify instantly for a house, a car etc….It sounds believable, alluring, sexy and low risk for about $29-$49 a month so you might as well try it and see what you have to lose. In reality, what you will likely lose is points on your credit score, money and hope of any debt relief.
Look, here is the hard truth: Most companies and even some law offices make money from clients by NOT giving them the entire picture. Businesses operate to generate profit and clients/customers are the source of that bottom line. So the game has to be sold, not told in order for businesses to stay in business; just enough game to keep you playing and paying.
The real deal: when you hire a company to negotiate debt on your behalf, you are paying that company a fee, usually monthly, for their help. Along with that fee, you are paying a calculated monthly payment to be kept in reserve just in case a creditor accepts an offer to settle your debt. Read that again….the creditor does not have to accept a settlement offer. Likely, the creditor has a contract with you-not the debt consolidation company-and will continue to report negatively on your credit report and can move forward with a lawsuit against you. And while your money is in reserve with the debt consolidation, they are not paying anything to the creditor unless they reach a settlement. In the meantime, you are not making any payments to the same creditors and defaults are being reported to your credit report which decreases your credit score. The credit cards and loan companies aren’t receiving any money for months from you or on your behalf, causing your balances, fees and penalties to increase and your credit worthiness to decrease. Congratulations, you are paying for bad credit!
I have a responsibility to educate my clients and especially my community on how credit really works. Debt is forever; debt is required but discipline is needed.