That’s what I thought, when I first heard about this process over 7 years ago. It must cost a small fortune to do that. If you’re already in debt over your head, how on earth are you going to afford to pay for this service?
Some people I know had already zapped out 6 or 7 credit cards by investing in businesses that didn’t pan out – how did they get the money to do this? They were already just paying the minimums on those cards and would probably be doing so for the rest of their lives.
Hard to believe, but the people in this barely-making-it condition get New Credit Card Offers almost daily, since they are making their payments and are a “good credit risk” for one of the biggest money-makers of any bank – Credit Cards.
Some of these people who are barely getting by, may even have an Credit Card or two that they didn’t want to use to avoid getting further in debt. One person I know, was exactly in that situation. So, they could – and did – put the fee for this service on one of their unused cards and made payments on it for a few months and then also “turned it in” to the process. In effect, they paid nothing for this extraordinary service. Others I know, charged just portions of this service fee to multiple cards that they were already going to clear with this process.
Well, if the banks can “create money out of thin air” to use in funding their Credit Cards and then turn around and earn interest and fees on that “invisible cash” – it would seem to likewise be okay to clear this debt with a similar process. The creation of money our of thin air is explained in G. Edward Griffin’s classic covering the beginning of The Federal Reserve System — The Creature From Jekyll Island:
“The Fed creates new money by purchasing assets with money that it creates out of thin air.”
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