Alternatives Needed When it Comes to Debt
 
There are many places out there that are willing to help you get rid of your debt. You see ads for them everywhere – they can reduce your debt, they can eliminate your debt, etc. – the list goes on and on. Many of these companies walk a fine line with their advertising where some of what they say is misleading, while others downright lie about their services. Many of them charge up front fees before they have done anything for you, and many times they end up taking your money without doing a single thing for you.
 
Then there is the latest group where they consider themselves interest rate reduction companies. They assure you that they have “special negotiating powers” with the credit card companies and they are going to get you a much lower interest rate on your cards. However, the Federal Trade Commission has warned against using these companies. They said that many times they promise to help you, you pay their fees and then nothing happens.
 
The FTC says that these companies are not doing anything for you that you cannot do yourself, so don’t pay them to do it. If you have very high interest rates and your creditors won’t drop them for you – the best thing you can do is look into a debt consolidation to get your interest rate down. A debt consolidation will help you pay off your balance in a much shorter period of time because of this and the set payments. You also remove the fees involved with credit cards – thus making it easier for everyone.

 

 

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