Lawmakers Say to be Wary
Lawmakers say that most debt consolidation or management companies are
often too good to be true, and that consumers should take care not to go
with someone who won’t steer them the right way. They say that with the
economy as troubling as it is, they have been seeing more and more
people with problems regarding getting into deals with debt management
“experts.”
There is currently a bill in the Oregon Legislature that would require
companies to register with the state, and if it passes there would be a
lot less shady deals out there for people to fall prey to. They say that
there are plenty of legitimate debt consolidation and management
companies out there that will help you when you get into trouble. But
there are even more out there that are simply looking to rip you off.
It is sad that someone would choose to prey on someone who is in need –
but it happens every day. Lawmakers say that they are seeing more people
who give their money to one of these debt consolidation or management
companies only to see that they got nothing out of it except more debt.
Pretty much any company that says that through their debt consolidation,
management, or settlement programs that they can erase all or most of
your debt should not be trusted. Reputable companies will not ask for
money up front, and won’t make claims that they can’t back up.
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