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Collection Agency Secrets for Collecting on Bad Debt
Getting worried that one of your clients, customers or patients will never pay? Have you given up on a customer who's essentially said he won't pay? Congratulations--being stiffed by a customer or patient is a milestone in the growth of a business...
Credit Cards, Debt Consolidation and cellularphones
Need a credit card! Why do you need a credit card. The more obvious reason is to build up your credit history. However there are other more good resons sucha sdoing simple things such as renting a movie or ordering stuff online. If you go to: ...
Overwhelming Debt? Bankruptcy May Be Your Way Out, But Maybe Not
Things are bad, really bad. They have to be for you to be considering bankruptcy. It's true that bankruptcy can wipe away your debts, or most of them anyway. Taxes are exempt from bankruptcy protection. You can declare bankruptcy, but if a...
Risks Associated with Secured Debt Consolidation
Consolidating many small debts into one large debt is well known
to be a good first step in getting out of debt, but that's not
to say that it comes without risk.
The main reason for this risk is that in order to secure a lower
interest rate...
Your Debt Checklist
A Debt Checklist is the only sensible way to organize and control your finances. Most people aren't actually aware quite how much debt they possess - in fact, a recent survey found that almost 75% of UK adults were up to £5000 out when asked to...
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What is Bad Debt?
We imagine that when we borrow money or owe money and fail to pay, we become a bad debt.
But when we see a bank making a profit of $10.64 billion, whilst boasting $3.28 billion of bad debts, we can be puzzled.
When the top brass of that bank tells us, that they are in the business of making money and only made $10.64 billion instead of $13.92 billion, we then understand, that a bad debt to a bank, is a failed fraud.
Banks have a monopoly business of issuing new money as credit.
This is a very lucrative business of making money out of nothing. Even if the fraud doesn't work, because the credit does not turn into money, a lot of money is still made. Someone accepts credit as a loan of money and then does not redeem the loan. The bank calls it a bad debt, even if the interest paid on the credit is an amount greater than what is owed.
When we realise how much money the banks spend on seducing us into debt, we can understand what the banks mean, when it gets a bit difficult to seduce us, as fast as they
desire.
They then say that the economy is in a decline, that interest rates are too high, that recruitment of useless and destructive bureaucrats has cooled off a bit, that home seekers are outbidding each other with cheap money, with a little less frenzy and Douglas Flint of HSBC warns his shareholders that the rat race might slow a little, the runners getting weak, and difficulties lie ahead.
To HSBC bad debts are the debts they failed to establish. The loss of a few billion from a failure to redeem some of those loans, is dismissed as mere "upstick".
The hard graft of the Credit Trade creates a rising tide of prosperity for all banks. They are urged to unite in measures to set their frauds in solid gold.
ABOUT THE AUTHOR
Dr Hamlyn is a founding member of the Royal College of General Practitioners, a veteran of WW II, retired farmer and practicing medical doctor. He is a prolific and articulate voice on the subject of monetary reform. www.monetaryreform.org
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