Scams Only Make it Worse
The debt consolidation industry is a tricky one to start with,
as it does not have the best of reputations. There are many
within the debt consolidation market that are simply looking to
take your information so that they can take your identity and do
all kinds of illegal things with it. However, this greatly hurts
those that are here to help you, and there are more of them then
are not. The problem is that many consumers panic about not
knowing how to pay off their debts and they are in over their
head before they know it – so they turn to a debt consolidation
company without really checking them out. They sign up based on
a promotion that they have seen and they are told that their
debt will be eliminated or at the very least reduced
significantly. If you don’t know anything about the debt
consolidation market, this sounds pretty good to you.
But according to the National Association of Attorneys General,
at least 21 states have already brought enforcement actions
against these debt consolidation companies. They have had so
many consumer complaints that they have had to go after these
companies, to try and shut them down and keep anyone else from
being hurt. Unfortunately, many times this does not do you any
good if you have already been taken by them.
If you don’t know how to tell them apart, look for those that
tell you to stop talking to your creditors, ask for an upfront
fee before they do anything to help you, or tell you to ignore
statements from your creditors – these are the ones that you
want to run as fast as you can away from!
SIGN UP
