The Motley Fool Discussion Boards
Personal Finances / Credit Cards and Consumer Debt
|Subject: A new breed of debt collector.||Date: 10/5/2013 12:35 PM|
|Author: Windowseat||Number: 307289 of 311476|
Out in Oklahoma there is a new debt collection agency. It's only been operating for a year, so there's no real proof that the owner is actually making more money than his competitors, so we'll have to wait a while to see how things work out, but the concept is exciting.
The company founder works on a basic premise: people who are in debt don't have any money. (This is known as the "you can't get blood from a stone" principle).
So his company works to get people jobs, or renegotiate debts from all the debtors, not just the one he's been hired for, plus other kinds of help (they didn't mention budgeting, but that would presumably be included) will make it possible for people to pay their debts without having to declare bankruptcy.
I hope this works. Many people do want to pay their debts, but they're in over their heads, feel crushed and helpless, and eventually end up declaring bankruptcy.
|Copyright 1996-2017 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|