Boston Debt Negotiation Lawyer

Do-It-Yourself Debt Negotiation: A Bad Idea

Many people who have been paying off their credit cards regularly have a good relationship with their banks. If you have been using the same bank for a long time, you may feel like the employees there know you, perhaps even care about you to a certain extent.

Because they are under this impression, many Americans try to address their debts using the “do-it-yourself” method by calling the bank and trying to work out a different payment plan on their own. This is almost always a bad idea.

If you attempt to resolve your debts on your own, you will probably learn that you were completely wrong about your bank’s attitude. Bank employees do not care about your recent illness, separation, or any other circumstances that have sunk you into debt. They do not want to work with you. They only want to get their money as soon as possible. That’s why interest rates increase substantially after an account becomes delinquent; right when you are struggling most, the bank begins charging more!

At the offices of Boston bankruptcy attorney Joshua Spirn & Associates, we have spoken with many clients who finally contacted us after struggling to deal with their financial problems alone. In almost every case, their delay in seeking legal counsel has only complicated their problems.

A Word about Hardship Plans

We at the offices of Boston bankruptcy attorney Joshua Spirn & Associates have spoken with many clients who called their banks about their debts and were offered hardship plans. Many people jump as soon as they hear these words, mistaking the plan for a generous offer from the bank. Under a hardship plan, the bank will waive your penalties and fees for six months and lower your interest rates for the same period of time. Sounds like a good deal, right?

It isn’t. Temporarily decreased interest will not allow you to save sufficient funds to climb your way out of your financial hole. At the end of the six month period, you’ll be right were you started. And hardship plans are a one-time offer; you cannot request a hardship plan from the same bank again.

Contact Us

The message is clearIf you would like to save time and money by avoiding the mistake of taking on financial experts by yourself, contact the offices of experienced Boston debt negotiation lawyer Joshua Spirn & Associates at 800-975-5346.