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Traditional Debt Relief Strategies

Years ago, in a world far, far away, I was a second-year medical school student with a full scholarship.

And I hated it.

Maybe "hate" is a strong word. But I soon realized I didn't love medicine enough to make it my career. I believe you have to love what you do to do it well, and I just didn't love the idea of practicing medicine, much less spending years in medical school and residency.

So what did I do?

Since I was a child I had always wanted to be an inventor. So I left medical school, bought all the books I could find on inventing, and I studied and worked and dreamed big, all in a quest to invent the next best thing.

The problem was, I knew a lot about inventing, but almost nothing about running a business.

I had formed a sole proprietorship instead of a corporation (strike one). I racked up almost $100,000 in credit debt and loan debt (strike two). At the time, I wondered how a self-employed (unemployed) guy in his twenties could get that much credit, but I put those concerns aside and plowed ahead.

Finally I managed to license one of my inventions, but the royalties weren't enough to turn the tide (strike three). I simply couldn't service my debt any longer and the house of (credit) cards collapsed.

So, using the Internet, I started researching my options.

I checked out the possibility of debt consolidation, debt negotiation, and debt settlement, even bankruptcy. In the process, I ran into a debt counseling company promising a unique form of debt relief that was a bit less mainstream. I figured it was worth a shot.

While the debt relief company (which shall remain nameless) didn't deliver as promised, it did provide me with a running start. Through trial, error, and a few hard knocks, I learned a lot about my rights as a consumer, as well as about the debt collection business, court procedure, and dealing with debt collectors. At the end of the day, I was able to effectively walk away from my debt for about 4 cents on the dollar AND repair my credit.

My own experiences—and what I now know after spending almost a decade in the debt relief and credit repair industry—serves as the basis for this program. Though I obviously recommend the strategies contained herein, it is certainly not the only way forward. Ultimately, my goal is to help you make an informed decision about what is best for you and your situation. Therefore, it is important that you understand the pros and cons of the other traditional debt relief strategies available.

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