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Dream Debt Relief: Three Farfetched (but Amazing) Ways Your Debt Could Magically Disappear

Posted By:  |  March 14, 2014  |  0 Comment(s)


Winning the lottery is not one the three ways that can make debt magically disappear. But have you considered a Kickstarter campaign as a possible answer? Depending on the amount you’re trying to raise, generous donations may pour in to help you with your debt load. The first miracle you may want to investigate is dealing with old debt. In some cases, you may not even be legally responsible for debts that have accrued. Know your rights and don’t be fooled by collectors calling and saying you owe something. Know the statute of limitations for debt collection in the particular state in which you reside. If enough time has passed, you can’t be sued for amounts previously owed. Is this magic? No, it’s due diligence, but it could make that debt disappear.

Medical Debt Could Magically Disappear

If the debt you’ve incurred is due to a medial procedure, be aware that there is activism currently underway to wipe it away. An operation called “The Rolling Jubilee” is currently soliciting donations, and they claim to have already erased around $14.7M in medical debt. They do it by taking donations and buying up debt (at very low amounts) owned by collectors and paying them off. The only problem is, you can’t just call them for help. The way that debts are bundled is confusing and secretive, so no single individual’s medical debt can be addressed. However, they are seeking to do what they can and you might be one of the lucky few that gets their debt wiped clean away.

Bankruptcy Can Be Good for Your Career

If you’re looking for work, having credit debt is not in your favor. If amounts owed have passed to a collection agency, your present or future employer can be notified, which can seriously hamper their decision to hire you. After all, if you’re a credit risk to yourself, then you may bring that risk to the new job. Having liens and wage garnishment notices are not attractive. Employers can be sent letters warning them of possible legal action if they don’t comply. So even if you believe that your debt is your own private business, it’s not. Once you’re in bankruptcy protection, however, it is not legally possible for your personal finances to be disclosed, so your reputation is protected. This can ultimately take away the risk of being deemed unsuitable for a new position and you are free to pursue the job of your dreams. Bankruptcy magically makes debt disappear; once it’s been dealt with, you are free to see your income increase.

Amazingly Fortuitous but Also Amazingly Ghoulish

It may be macabre to consider it, but receiving an inheritance can be an unexpected windfall. Let’s say an long-lost and rich uncle dies and leaves you a large sum in his will. This can immediately defuse a debt issue in your life. Regardless of the amount, remember to take care of your debt before you run out and start amassing more. Windfalls are lucky and should be used to put your finances back in order.

Much like winning the lottery, unexpected money can sometimes be abused by those who receive it. Always be ready for an amazing event to occur, but do your planning as if none were to arrive. Begin with a debt resolution plan that works within your current budget and aims to do a credit repair immediately. This is more constructive than waiting for your ship to come in. There are many options that don’t include miracles so talk to an advisor today and get the legitimate info you need to start dealing with your debt.


  • How important is it to you for a debt consolidation company to offer financial education resources?
  • Takes your existing debt and try to settle with your creditors for a lower amount. If you pay off the settled amount, your debt will be considered paid in full.
  • Negotiates with your creditors on your behalf.
  • Fee based on a percentage of your total starting debt or a percentage of the debt they save you.
  • Most settlement companies have you create a separate "escrow" account where you will make monthly contributions over a certain amount of time to contribute to your settlement. Once there is a substantial amount of funds to show your creditors, the settlement company will try to negotiate a lower amount of debt.
  • Combines all your debts and creditors into one monthly payment.
  • Allows you to pay one monthly payment to the consolidation company, instead of multiple payments to different creditors.
  • You no longer owe your original creditors; instead you pay one monthly payment to your consolidation company.
  • Consolidation companies can help negotiate lower interest rates on your debts and help lower your total debt payment in the long run. A lower interest rate will lower the amount you owe in the end.
  • Allows you to consolidate all your different debts into one personal loan that can be paid off over time.
  • Can offer borrowers a lower interest rate with a longer payback term (compared to high-interest credit cards or medical bills). This will lower the amount of money required to pay off the loan over time.
  • Personal loan debt consolidation can be an effective way to raise your credit score quickly (within 3-6 months).
  • Borrowers can receive funds from their loan within only a few days.

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