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You may not know it but there's a huge market in secondary debt. If you don't pay your bill your debts will probably be sold to another company. Of course the original creditor will probably take a credit on their taxes, so they save on taxes and make money selling debt as a commodity. Not a bad deal, huh! But it won't stop there. You debt may be sold several times before it winds up in an automated dialer and you get a call from a friendly bill collector. Yes, there are people making lots of money just buying and selling old debts.

There is so much money to be made that may people have gone on to create whole companies, called asset buyers, dedicated solely to buying and reselling charged-off accounts. And no, they don't buy and sell individual accounts. Your debt is packaged with hundreds of others into a debt portfolio. Imagine hundreds and hundreds of old charged-off accounts many of which are well beyond the Statute of Limitations, doesn't it make you salivate in thinking how you can call and threaten people with legal actions if they don't give you the account number to their checking account. Hey these people probably don't even know about the Statute of Limitations or even know if the account is valid or not but if you can sound convincing enough you can get money out of them.

If you are considering buying a portfolio or two here are some things to keep in mind. There is good money to be made in small debts. Look if you incessantly call someone and tell them they owe three hundred dollars but you'll take one twenty five they might pay you off just to shut you up. It's not worth it to them to fight it. They can probably squeeze it out of next month’s food budget anyway. And if it only cost you fifteen dollars you made an easy hundred. If you go after bigger accounts they're probably going to resist harder and won't have the cash around to pay you.

So if you get a call about a ten year old three hundred debt you now know what they're thinking. Just remember your rights, the Statute of Limitations, and keep your wits when the threats start.

Yes debt buying and selling is a big business. It is estimated that there were five sellers of delinquent debt in 1992. By 1998, that number had grown to 225, and 300 major sellers by 2005. The face value of all such debt sold in 1993 was $1.3 billion. By 1997, that number had grown to $15 billion and sales reached approximately $25 billion in 2000. Yes your debt is worth a lot of money, whether it’s ever collected or not.

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Debt Calculator

See how long it will take for your debt to get paid off with one of these four options. We have listed a standard debt amount as a default on the debt calculator. You will need to enter your current personal or business debt amount below to see what your debt payoff amounts will reflect.

What's Best For You: Minimum Payments?

Debt Consolidation?

Credit Counseling? Debt Settlement?
Total Unsecured Debt $30,000.00 $30,000.00 $30,000.00 $30,000.00
Months To
Get Out Of Debt
430 60 60 36
Interest Rate 18.9 % 12 % 10-12% Ave None
Total Interest Paid $49,978.53 $10,040.01 $21,300.00 None
Monthly
Payment
$900.00 $667.33 $855.00 $458.33
Total Cost
To Be Debt Free
$79,978.53 $40,040.01 $51,300.00 $16,500.00
Monthly Payments   Months To Get Out Of Debt   Total Cost To Be Debt Free
$900.00
$450.00
$0.00
 
430
215
0
 
$79,978.53
$39,989.27
$0.00
Minimum Payments Debt Consolidation Credit Counseling Debt Settlement
Enter Your Debt Information Here:
Your Total
Unsecured Debt:
Your Average
Interest Rate:
Months To
Be Debt Free:

 

PLEASE NOTE: This calculator gives you an estimate of how much it will cost you to get out of debt, how long it will take and how much your monthly payment may be with the different options to pay off your debt. Keep in mind "Minimum Payments" assumes you NEVER make any further purchases on your credit cards and the credit card companies NEVER raise the interest rate on your cards in the future from the rate calculated above. The "Debt Consolidation Loan" example is usually only possible when taking out an "equity line of credit" or "second mortgage", which involves securing your unsecured debt with your home. This is a very risky option for most people because the home could be foreclosed if you cannot make the payments.