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Get Out Of Debt



The world is in financial crisis like it has not been for quite some time, maybe since 1929. Capitalism was giving socialism / communism as serious trouncing in the last 50-60 years. The disintegration of the Soviet Union and the realization that a communist system is unsustainable became clear. The only countries still adhering to strict communist doctrines are among the poorest countries in the world. Cuba and North Korea are the last of the Mohicans in this regard. Cuba is starting to lessen control a bit and that is already showing signs of improvement in terms of supply of the most essential goods. North Korea on the other hand is still fervently adhering to communist doctrine and as a result of a poor crop millions face starvation.

Capitalism has clearly won the ideological battle in the eyes of the overwhelming majority of the world, that is clear. But lately there have been some doubters in this regard as the money system that the financial world is based on has come into question. This system which relies heavily on loans and debt has partially crumbled in the last few years and has called into question the entire system. The United States economy was particularly weakened in the aftermath of debt meltdown.

The questionable loan policy given to people with no collateral other than the houses they bought to begin with began to unravel. Loans could not be paid back, defaults became rampant. A big mess indeed. Seeing an opportunity many debt settlement companies started helping individuals negotiates with their creditors. Bankruptcy was the veiled or real threat to all creditors.

Many could be convinced to except 50 cents on the dollar or even less. A new business was born. Get out of debt would be its motto. The problem with this system is the loss banks suffer are often passed on to the consumer making it more difficult to get money. The cost of money is being kept down by the fed which is in part the reason the stock market has made a recovery. But so many are in such dire straits that only professionals can negotiate a way out.

Capitalism may not be perfect but it beats living in Cuba or North Korea.

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