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Unfortunately, choosing the wrong debt consolidation company could mean sinking further into debt and farther away from your dream of living debt free.
There are folks who can help, but it’s up to you to choose the right one. First, you have to think about your needs; next, have a look at the company and see what they’re all about.
Are They Legit?
It’s sad, but the sea is full of sharks looking to profit off your debt woes. There are tons of companies out there that will actually end up taking more of your money for “settling your debt.” A major chunk of what you pay each month will go to THEM and not your creditors. So, how can you avoid traps like these?
The best thing you can do is research your potential debt consolidation companies. It never hurts to check with the Better Business Bureau. They’ll let you know if they’re certified to perform the services they offer. They can also tell you if there have been complaints or disputes in the past about their service. This is valuable information that might save your neck.
There are also some companies pretending to be non-profits. They take advantage of your desperation and lie to you about their service in order to make money. The easiest way to check and see if an organization is really non-profit is to contact the IRS. The IRS will tell you whether they are tax-exempt or not. If they’re paying taxes, they’re not non-profit.
Another great place to check is the Internet. Type the company’s name into any search engine, and see if anybody’s blogged about them or complained about them in a forum. You can also try writing the companies name with “sucks,” “stinks,” “scam,” etc. You’d be amazed what kinds of valuable information this can turn up!
Check Out The Price
Price is another important consideration. Debt consolidation companies come in all price ranges. They all have fees and charges. If their service is expensive for you, shop for a cheaper one. It should be affordable for your current situation, otherwise there’s no point. After all, you’re trying to minimize debt and fix your finances, not get deeper in the hole.
Look out for companies that charge you a fee up front. There should never be application fees. The way it works with nearly all debt consolidation companies is that they charge you a monthly fee for their services. This is usually included in your one monthly payment. They’ll break it down for you and explain how much this is. It should be a small percentage of what you’re paying each month.
There are great debt consolidation services out there. It’s just a matter of finding one that is legitimate, and that fits your financial needs. Have a look at several and see if they’re right for you.
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