I have written about so-called “debt settlement” companies that tout a benefit of paying off your debt quicker and cheaper. In the long run, consumers are left with less money and still at the door of the bankrutpcy court.
From the March 6 issue of Business Week:
The booming business has caught the attention of prosecutors and regulators, who say such programs can leave consumers in worse financial shape. Fees for the services run high. And when banks don’t agree to settle—if the settlement firm contacts them at all—consumers get hit with late charges and penalized with higher interest rates, leaving borrowers with even more debt than when they started.
You may have missed…
“Be Debt Free in only 18 months!”
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And Speaking Of Credit Counseling Predators…
Credit Counseling Predators
Related posts:
- Yet Another Reason to Avoid the Rip-Off of Debt Settlement
- “Be Debt Free in only 18 months!”
- Debt Settlement: The Devil is in the Details
- Still Considering Debt Settlement?
- Thinking about Debt Settlement? Think about this…
Tags: Consumer Scams, Credit and Debt, Debt Settlement or Consolidation
