There is nothing worse then a bully preying on the weak, just because they can. From the playground to the boardroom, there are always predators lurking about waiting to strike when you frightened and vulnerable. By educating yourself on the realistic possibilities of unethical behavior, you can increase your chances of avoiding it.
Why some debt consolidation offers are scams
Debt consolidation companies exist to make and money. Many times, the representatives have a script to follow to try to secure your business and they make commission off your misfortune. The first thing you must do as an educated consumer is know this and be aware of the false promises they may be making to you in order to make their goals.
Many debt consolidation scams start off by enticing unsuspecting consumers with claims of debt reduction, debt forgiveness and creating an amazing credit history all in a very limited and brief time frame. Remember the old adage, “if it is too good to be true, it probably is.” Often consumers will pay these companies fees and get very little or nothing for their money, except for additional headaches and more debt.
How to avoid a debt consolidation scam
Many of the services promised by debt consolidation scams can actually done by you, the consumer. You can do the research and directly call your creditors to negotiate your current debt. You can more than likely obtain a 0.0% transfer balance credit card to consolidate your date and mange your monthly payments. Do not let your financial situation cloud your good judgment as you are a survivor!