How Accurate is the Depiction?
 
The New York Times recently ran a front page story on the ills of the debt consolidation industry. They covered the United States Organizations for Bankruptcy Alternatives Annual Meeting held in Palm Beach, Florida this year. They said that the meeting was full of excesses – to show how well the debt consolidation industry is doing off of the backs of their clients. They had many quotes from people in the industry that said that these companies have fleeced desperate consumers and that is why they are doing so well.
 
The fact of the matter is that they are a thriving business. There are tons of people who are in need of debt consolidation assistance or at least debt management help and they are getting it from many of these companies. There are some that are definitely preying on the ill fortunes of others, but there are also many that are simply trying to help people out of a tough situation. There are those that do not charge anything for their services and there are those that charge an exorbitant amount. There are also those that fall somewhere in between.
 
Are all debt consolidation companies evil? Not a chance. There are many that have helped tons of people get debt free and start to live a debt free existence for good. There are the others as well, but in every barrel you are going to find a couple of rotten apples. How well you choose your apple will determine how well the company works for you in particular.

 

 

 

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