Debt Consolidation Scam

Most people take out loans, take out credit cards, and finance things they can't afford. Many of these people use their credit cards more often than they should and are drowning in credit card debt. Unfortunately, there are scammers who take advantage of these desperate consumers and have the audacity to steal money from bankrupt individuals.

As mentioned earlier, many people have serious problems with credit card debt. Statistics show that the average American walks around with more than $14,000 in credit card debt, and the nation is drowning in excessive credit card debt. Search for debt settlement companies on Google. No wonder there are various companies that promise to forgive your debt. Don't believe the hype. There are many scammers and companies that operate under the radar.

One specific company you should know about is a debt settlement organization. On the other end of the spectrum in this industry are companies that try to scam unsuspecting consumers out of their hard-earned money. If you think you're immune to scammers, think again. These organizations are very clever, and their advertisements are very persuasive. These people keep things simple, and it's amazing to see how brave these scammers are because it's as simple as promising consumers a month in desperation and charging huge upfront costs to run them. Because it's a scam.
Things to look out for The typical victims who contact a typical fraudulent debt resolution agency are very desperate and easily fall for these scammers. These scammers take advantage of victims' desperation, forcing consumers to face high upfront costs and accept ridiculous terms. Once scammers have scammed their victims out of their money, they may pack up and leave town, or sometimes scam a few remaining unsuspecting victims.

Credit counseling and debt resolution After all, debt resolution companies have "credit counselors" on staff, but don't be fooled. Debt settlement is not credit advice. It is well known that legitimate credit counseling agencies are affiliated with religious organizations and therefore always have their customers' best interests in mind. Credit counseling does not affect your creditworthiness. Your creditworthiness will improve compared to other debt solutions. Even FICO states in it that credit counseling does not negatively impact your FICO score. Counseling is a difficult job that requires a lot of effort, patience, and self-control.

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