Debt has become a major problem for many consumers across the nation as credit cards, personal loans, mortgages, and even student loans have become problematic for those who are attempting to repay what they owe. However, many individuals have been seeking national debt relief programs which could help them with debts like those from credit cards or personal loans by allowing them to find repayment solutions for their debt situation.
There are nonprofit debt counseling agencies that can help men and women who are suffering from various forms of debt and may be unable to meet the costs of their monthly debt repayment obligations. However, there is concern that companies and unsolicited advertisements for national debt relief programs may not be from reputable sources and could be scams in the works.
Again, there are certain companies and organizations, like nonprofit debt counseling agencies, that can help individuals who are struggling to repay certain debts. However, many of these fraudulent national debt relief programs often offer to settle a consumer’s debts for pennies on the dollar, may ask that consumers stop making payments, or will require that consumers pay debts through their debt relief program.
Some of these companies may charge fees for their debt relief services, which could add up and cost an individual more than if they had worked directly with their creditors, or there are cases where these debt relief services who offer to pay debts to creditors may do damage to a consumer’s credit score.
Various warnings from financial advisors and even the FTC caution individuals who are seeking some form of debt assistance to heavily research any debt relief program or debt counseling service they may be considering. Also, unsolicited debt counseling or debt relief offers must be researched through sources like the Better Business Bureau as, again, there are companies that look to take advantage of consumers who are in a difficult financial position.
It’s understandable that many consumers are struggling with debt as difficult financial and economic times have caused a great deal of strain and stress on the personal financial lives of many. However, a fraudulent debt relief program can do more damage than good to a consumer’s financial life if not properly researched.