By: Malinda Starner .... Click on the author's name to view their profile and articles!!!
Debt relief programs are preying on consumers to buy into their program using words like "guarantee" and "promise". Let it be known, that when it comes to guaranteeing or promising anything on the behalf of what another company will do, you should be leery. People want so bad to have their debt taken care of in a fix-it-fast kind of way, that many are quick to accept offers without doing their own research into the validity of the programs.
Too many scams have been attached to debt relief programs and learning what to watch out for will protect you from losing money. First off, any program that is using guarantee as an approach to get you to sign with them cannot be trusted. Debt relief programs work with creditors to lower the amount of debt owed. It is ideally up to the creditors to decide whether or not to accept an offer so there is no guarantee.
Ask questions and get information in writing. Any good company will give you their policies in writing for your viewing. Do not fall into pressure of signing before having time to read and/or discuss information with someone whose opinion matters to you. Know how the program works, the fees involved, how long it will take, and what the aftermath if any is. When it comes to your money, you want the most information possible whether it is pertaining to bank's charges, payday loan fees, or how credit cards determine interest rates.
Some people with debt problems choose to go to credit counseling services. There are bad eggs in that bunch too. Be cautious with falling prey to companies whose programs seem so easy to solve a debt issue. If it was that easy, there would be no debt problems.
You will want to do business with credit counselors who offer a range of services. Do they have counselors who will meet in person to discuss your best interest? Have the credit counselors been trained by a separate independent organization that has no ties to creditors? Is the non-profit organization you are looking at affiliated with creditors? Any time you associate counselors or programs with creditors, and then you can assume they may not be looking out for your best interest. Do your research to protect yourself.
Get details of all fees and how they are applied. If you are working with a for-profit organization, make a request to have your fees waived or reduced. Get all promises in writing and make sure you read every line before you sign on the dotted line. Don't be pressured to sign onto debt management plans as your only choice for debt relief. These programs work with creditors to lower interest rates or wave some fees and continue to make your payments for you. Having a third party pay your bills for you has a negative effect on your credit. You are better off developing your own payment program with your creditors and taking care of debt yourself.
Know all your options to get relief with your debt and don't be deterred to try some things on your own. Call the credit card or payday loan companies that you have debt with and see what they can do to help you make an impact on your total debt. You might find that working with them directly will help protect your credit without the hassle of finding a third party to help you out.
Article Source: http://www.abcarticledirectory.com
Are you in debt and searching for some help out? Be sure to take a look at all your optionsand look into the companies which advertise answers. Too many scam compnaies have taken advantge of people in desperate financial need. Take your time and find a trustworthy company who has a working history of helping people in similar situations as yourself.
Approved Money Center Payday Loans do not work well with outstanding debt. They are small short term loans helping you make your payments when you next paycheck is still a few days away. Visit Approved Money Center to find out more.
Note: The content of this article solely conveys the opinion of its author, Malinda Starner
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