Creditors are organized and well-funded while debtors are scattered and under-resourced. Social media spreads false claims like student loans being easily discharged. Collectors use intimidation tactics like threatening collections even when debt won't yet hit your credit report.
Chapters
Tell me, why do creditors got so many people like scared? Like, it's so crazy. Like, even people, when I'm talking to you, they're like, there's no way he can get like student loans discharged. Uh, that's, that's not true. Like, it's just so many things that I'm seeing that are just kind of being talked about on social media that are just not true. It's like, I always tell, you know, when I'm doing anything, and I hope that my viewers can really, really get this, especially when they're, they're going to, um, you know, when you're, you're, you're being introduced to anything, like, ask first before you assume.
Like, yeah, well, this has been ingrained in us for, for many, many years, and the creditors are organized. Now, individuals going through debt are not organized because you don't know when you're going to be a debtor in bankruptcy or not. So there's not really a fund that's funding this. There's a National Association of Consumer Bankruptcy Attorneys The American Bankruptcy Institute does a lot to push forward debtors' rights, but it's not organized like a Bank of America, a Chase, these billion-dollar organizations that are really shaping policy at the federal level and shaping the message to debtors. And they don't even realize it's being shaped that way. So that's why it's really important that shows like yours is getting the real information out there of what can benefit a person individually instead of what the industry might want you to think.
I had a creditor call my husband last week, and it was the funniest thing ever. I think it was for— I can't remember exactly what it was for, but they said if he didn't make a payment, it was going to go to collections. He was like, well, send it to collections. And they were like, what? No, we're not. He said send it to collections. I'll deal with it from collections because like, even if it gets sent to collections, it's still not on his credit report yet. But like, it's going to be a third of what is old.
You know, it really is an empowering thing to just have a little bit of knowledge because you get these threats and many people are stressed out, so they don't, they don't know what's truth or not.
