Attempting to pay off debt during a depression will require you change your thinking from "traditional" to "survival mode" and learning to work with what you have.
Consider your situation, decide on a plan of action then do it and remember it can be done! Consider a worst case scenario of being unemployed, little or no savings, bills piled up, creditors ringing the phone and collection notices in the mail box is a great place to start.
Actually this is the case for millions of unemployed who found themselves in Neverland.
You arrived in Neverland because the banking system and huge corporations made a "debt trap" that captured most of the population in a never ending cycle of paying debt.
The trap worked so well it toppled Wall Street and brought the economy to its knees.
The Tinkerbell effect was set in motion and the biggest government bailout in the history of the world was launched to save those that were "too big to fail.
" Even in a fairy tale you would not expect top executives to be awarded millions in bonuses for their harebrained schemes that ruined the economy but it happened.
What magic would Tinkerbell come up with to turn a "pink slip" into a way to pay? She would undoubtedly pull out an old book called the Fair Debt Collection Practices Act where all the secrets that protect people against banks and their darker counterparts, the debt collectors are hidden.
Since banks do not actually lend money on unsecured accounts they lose nothing when you stop paying on credit card debt or other unsecured loans.
After six months of not paying they write off your account, take a tax deduction for their alleged loss and then sell your old account information to a debt collector.
A debt collectors job is to "huff and puff and blow your house down" but the only way he can accomplish his mission is with a contract.
He will try to get you to "admit" that you owe him money and your admission will create a contract.
When a collector calls on the phone he will be trying to get an admission from you that you actually owe him money so say the magic words "communicate with me in writing only" and hang up the phone and absolutely nothing else! After you have beaten him on the phone he will send you a "trick" collection notice saying you "must" notify his office in writing or he will "assume" the debt is valid so you must send him a magic letter that demands "proof" that you owe him anything.
Be sure to keep copies and send it by registered mail with return receipt.
You can beat the nightmare of trying to "pay off debt" by taking action to make the magic happen.
You can live happily ever after or you can do "nothing" and let the boogie man come after you.
It is more blessed to give than receive so give him your pink slip and tell him to "have a nice day.
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