Outsourcing, globalization, the housing bust, and rising interest rates have all combined to put a lot of people deeply in debt. Worse yet, many Americans who find themselves in trouble are used to being seen as pillars of their communities - they were doing great in the 90s! - which makes being in debt so much more humiliating, and makes the people who find themselves in that situation all the more desperate.
The truly sad thing is that businesses will always pop up to take advantage of desperate people. Debt settlement firms, for the most part, are reputable businesses with the legitimate goals of 1) Helping people, and 2) Making money. But especially in the aftermath of the disastrous bankruptcy reform laws of 2005, more and more people are looking for a way to get out of debt, and thus, more disreputable firms have come into the market to take advantage of these people. If you find yourself in such a situation, here are some tips to help you avoid scam artists posing as legitimate debt settlers:
1. Request a free consultation and see what the debt settlement firm does. If they refuse to speak with you, evaluate your financial situation, and then offer an upfront fee - stop talking and hang up. This company is out to make a profit off of your issues and it's not going to help you.
2.The company should also offer credit counseling: This means that they should do more than just settle debts. Credit counseling entails a complete assessment of your financial situation and the dispensing of advice on how to proceed. Be wary if they only seem interested in steering you directly into debt settlement when there could be a better solution for you. Remember, there are other solutions to your problem if debt settlement isn't right.
3. 'Too-good-to-be true' offers can include outlandish claims to save you thousands of dollars, stop the creditors' harassing and embarrassing calls, and demand payments anytime they want. It's your responsibility to manage the calls from recovery specialists with dignity. Do not wait for a debt settlement firm to take your money when you do all of this on your own. In fact, make a plan to save to repay your debt today. The start begins here then search for outside help if you truly need it.
4. A company must be TASC compliant in order to manage a consumer credit settlement issue. If a company does not have a TASC compliant disclosure page, they are not the ones for you. Debt settlement firms should remain TASC compliant which states they uphold a strong ethical and professional standard when managing such sensitive accounts. Without these standards, consumers are fragile and vulnerable to disreputable firm scrutiny.
If this seems to be a bit too much to take in, consider the other options available for settling your debt. You can do it yourself, contact someone for credit counseling, a bank's debt management program, or bankruptcy. Pay attention to your needs and do not allow a debt settlement company to take you in the wrong direction if there are other options available.
The truly sad thing is that businesses will always pop up to take advantage of desperate people. Debt settlement firms, for the most part, are reputable businesses with the legitimate goals of 1) Helping people, and 2) Making money. But especially in the aftermath of the disastrous bankruptcy reform laws of 2005, more and more people are looking for a way to get out of debt, and thus, more disreputable firms have come into the market to take advantage of these people. If you find yourself in such a situation, here are some tips to help you avoid scam artists posing as legitimate debt settlers:
1. Request a free consultation and see what the debt settlement firm does. If they refuse to speak with you, evaluate your financial situation, and then offer an upfront fee - stop talking and hang up. This company is out to make a profit off of your issues and it's not going to help you.
2.The company should also offer credit counseling: This means that they should do more than just settle debts. Credit counseling entails a complete assessment of your financial situation and the dispensing of advice on how to proceed. Be wary if they only seem interested in steering you directly into debt settlement when there could be a better solution for you. Remember, there are other solutions to your problem if debt settlement isn't right.
3. 'Too-good-to-be true' offers can include outlandish claims to save you thousands of dollars, stop the creditors' harassing and embarrassing calls, and demand payments anytime they want. It's your responsibility to manage the calls from recovery specialists with dignity. Do not wait for a debt settlement firm to take your money when you do all of this on your own. In fact, make a plan to save to repay your debt today. The start begins here then search for outside help if you truly need it.
4. A company must be TASC compliant in order to manage a consumer credit settlement issue. If a company does not have a TASC compliant disclosure page, they are not the ones for you. Debt settlement firms should remain TASC compliant which states they uphold a strong ethical and professional standard when managing such sensitive accounts. Without these standards, consumers are fragile and vulnerable to disreputable firm scrutiny.
If this seems to be a bit too much to take in, consider the other options available for settling your debt. You can do it yourself, contact someone for credit counseling, a bank's debt management program, or bankruptcy. Pay attention to your needs and do not allow a debt settlement company to take you in the wrong direction if there are other options available.
About the Author:
This article was written by Daniel R. Michaelson, a 20-year authority in the debt consolidation industry. Daniel has been helping consumers through his endorsed debt consolidation program.
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