They will relieve you of your cash and leave you holding a bag full of debt!
Many of these “too good to be true” debt solution companies are scams run by con artists. They will promise you anything to allow these phony credit solution enterprises to extract hundreds of dollars in fees from you, only later to find yourself in worse financial shape than before you met the swindlers. It is sad but true, these so-called “debt relief” programs simply
lie, lie, and lie. They want to relieve you of your cash, not your debts. Moreover, many of the supposed debt “counseling” services are likewise scams. They will make you feel comfortable with enticing lists of hopes and dreams, capitalizing on your gullibility. At the right moment these scammers will pounce on you for “up-front” fees and other bogus charges for anything and everything. Please do not get roped in.
WARNING---Debt Settlement Programs:
If any debt settlement program claims they can negotiate a global one-time settlement with your creditors and will reduce your debts by 50-70%-- hang up; it’s pure bull! These charlatans will grab you for up-front fees and you will get nothing more than the shaft. Their goal is to get you to sign up so that they can rip you off, not to resolve your financial debacle. They target the desperate, weak, and naïve. Get out of that line!
A legit credit counselor will provide you with a FREE and objective assessment of your specific financial situation. They will plan a true sensible workout plan for you to satisfy your debts over time. There are no quick fixes. A realistic plan will usually take 3 to 5 years.
DO YOUR HOMEWORK
When you are in debt, you are certainly a bit scarred, so you are vulnerable. Take a deep breath, try and relax, and please take time and shop around. Call the Better Business Bureau. Check out some of Suze Orman’s books that provide practical and sound plans for forthright debt resolution. If you chose to visit a debt counseling service, you should not pay more than $50 in initial consultation fees and about $25 per month in maintenance fee charges for any such services. Again, if a financial counseling agency is vague or attempts to get you to sign an Agreement seeking a large down stroke of cash, and fails to review with you your specific needs and requirements---walk away, fast.
Finally, DO NOT fall for the con artists glib sales pitches. Don’t trust companies simply because they make the process sound easy and promise you immediate solutions for your credit problems. Candidly, you should face and tackle your debts using simple arithmetic and sound advice. Talk to reliable experts and ask about your options for eliminating or managing your obligations. If you jump into a supposed debt relief program without adequate research--you are going to end up with further anxieties and more debt, not less! Please, take money and debt seriously-- don’t lose sight of the fact that in today’s complex society we need cash and a certain amount of good credit, just to survive!