Accounts Retrievable Systems - Personal Debt Relief
Origins of Personal Debt Relief
Debt relief existed in a number of ancient societies:
▪ Debt forgiveness is mentioned in the Book of Leviticus, in which God councils Moses to forgive debts in certain cases every Jubilee year – at the end of Shmita, the last year of the seven year agricultural cycle or a 49-year cycle, depending on interpretation.
▪ This same theme was found in an ancient bilingual Hittite-Hurrian text entitled “The Song of Debt Release”.
▪ Debt forgiveness was also found in Ancient Athens, where in the 6th century BCE, the lawmaker Solon instituted a set of laws called seisachtheia,and which canceled all debts and retroactively canceled previous debts that had caused slavery and serfdom, freeing debt slaves and debt serfs.
▪ In addition, the Qur’an (the Muslim scripture) supports debt forgiveness unable to pay as an act of charity and remission of sins for the creditor. The injunction is as follows:
If the debtor is in difficulty, grant him time till it is easy for him to repay. But, if ye remit it by way of charity, that is best for you if ye only knew.
—Qur’an 2:280
Contemporary
Personal debt has become an increasingly large problem in many developed countries in recent years, due to credit bubbles. For instance, it is estimated that the average US household has $19,000 in non-mortgage debt. With such large debt loads, many individuals have difficulty making repayments on debts and are in need of help.
There are many companies who offer debt consolidation services. However, such services may not always be in the best interests of the person involved and may involve taking out a loan secured by a person’s home. Marketing materials are designed to persuade customers to take up the company’s offer rather than offering a personal best solution for reducing debt. Where debt has become a problem, it is often best to turn to an independent consumer’s association for advice before calling debt consolidation companies as consumer’s associations often have great experience with such problems and may be able to advise the most effective avenues for debt relief- for the price.
As long as some form of Chapter 7 bankruptcy debt relief exists within American law, the credit card companies must pay attention, and do as much as they can to help their clients repay debts through relatively traditional means (depending upon the service those clients have entered). Even leaving bankruptcy aside, it is in the best interest of credit card companies that their debtors at least feel some motivation to continue repaying their accounts and not simply disappear or view those ever growing balances as untouchable.
Article Source: en.wikipedia.org
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