20 Apr Beware The Shell Game Of Companies Promising Debt Relief
Lots of late-night TV pitches for debt relief are telling only half the story. Why the shell game?
You watch late-night television and see a barrage of ads promising to get you out of debt.
You feel your wallet swelling with credit cards and store cards, most of them near or at the limit.
Seems like a good idea to get out of debt and make life easier. So you pick up the phone.
Easy does it.
What Are They Really Selling?
Listen to those debt relief ads and focus only on the words they use.
Is the ad using words that sound as if there’s a federal law behind it?
Does it make promises about consolidation without borrowing?
Does the ad mention that there are lawyers involved in the process?
Lots of times, these folks are selling bankruptcy without using the dreaded “B Word.”
Your Solution Should Not Be A Shell Game
Bankruptcy is not a bad thing. In fact, bankruptcy can be the perfect solution to your debt problems in some situations.
The point isn’t that you should stay away from bankruptcy – or from any particular solution – as a general rule. Your goal should be to review all of your options and pick the one that suits your needs.
Where I get caught up is in the deception. Why would you work with someone who’s not up-front with you about what they’re doing and how it gets done?
Hit the Interwebz and gather as much information as you can about the ways in which each solution works.
Talk with a debt consolidation company, a debt settlement company, and a lawyer.
But don’t let the wool get pulled over your eyes.
Originally published April 20, 2008. Updated May 30, 2013
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