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Bad Debt Settlement Companies Make False Claims and Fail to Deliver
Bad Debt Settlement Companies Make False Claims and Fail to Deliver
By
Frank Jones
on February 1, 2011
Bad debt settlement companies will go with any drop in the market. These companies are vultures which prey on borrowers that are already suffering with income reductions and difficulty paying their bills. They promise debt settlement and reduced monthly payments in exchange for their exorbitant fees yet they cannot deliver on these promises. The best way to avoid their traps is to manage your own debt settlement and seek support from professionals and non-profit organizations in your community which can guide your path.
Rogue Industry
Nation wide, there has been an increase in
Federal Trade Commission (FTC)
complaints about bad debt settlement companies. Because of this, CBS News has reported that
debt settlement can hurt more than it helps
. North Carolina, Florida, and New York have been among the states hit hardest by these bad debt settlement companies. This led the NY Attorney General Andrew Cuomo to declare that, "millions of hardworking Americans are finding themselves imprisoned by debt. In response, a rogue industry has stepped in, offering consumers false hope, charging tremendous fees, and leaving them in a worse financial situation." Bad debt settlement companies have forced lawmakers to introduce new laws to create a
Debt Settlement Consumer Protection Act
. Also, this has led to countless lawsuits against rouge debt settlement companies,
6 in Minnesota
alone. The place to start when avoiding the problems associated with these bad debt settlement companies is to become educated on the subject of debt settlement.
Take Charge
The first step to avoiding the snares of bad debt settlement companies is to take charge of your own debt settlement. There are articles online which can help you to better understand
how debt settlement works
,
tips for negotiating credit card debt on your own
, and even
sample letters
you can customize and use in your own negotiations. These and many other online resources will help you educate your self about debt settlement and avoid problems with bad debt settlement companies.
Community Support
All this leads to the realization that not all groups involved in debt settlement are bad. There are professionals and non-profit organizations in your community which can help guide you along the path of debt settlement. These groups offer a wealth of free information which can help you
become educated about debt settlement
. Additionally, if you find you do need professional support with your debt settlement, these non-profit organizations can put you in contact with the most reputable professionals in your community. As with all financial matters it is best to keep a healthy skepticism to avoid bad debt settlement companies.
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