Common Financial Scams: An Introduction
By Brett Weiss, Maryland Bankruptcy Attorney on Jan 28, 2007 in General Bankruptcy Information, Maryland
Everyone has seen the ads on TV: “Erase your debt,” “Clean up your credit,” “Save your house from foreclosure,” and so on. If you’re having financial problems, they sound pretty good—an easy way to get back on track. But do they really work?
Well, like diet ads that promise you can eat all you want and still lose weight, the answer is usually no. If it sounds too good to be true, it’s probably . . . too good to be true. Here are the top scams my clients have been seeing recently.
- Erase Your Debt
- Debt Settlement
- Credit Repair
- Mortgage Foreclosure Rescue Scams
There is no “one size fits all” solution to financial problems. In some cases, refinances make sense. In others, they just throw gasoline on the fire. In some cases, a Chapter 13 may give you time to get payments caught up. The key is to look at the motivation of the person who is offering to “help” you, and seeing what’s in it for them. Make your decision on what is best for you, and make sure that you learn about all the options available to you before you decide.
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