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Debt forgiveness? Forget it.
4 comments- TAGS:credit card, debt, economy
- IT TOPICS:Government & Regulation
I’ve heard that the economy is on the upswing, but I know most of us are still holding our breath. With many Americans trying to make ends meet in the face of unemployment, ballooning mortgage costs and credit card debt, lots of them are turning to debt-relief services. If you or someone you know is in this position, remember that if it seems too good to be true, then it probably is.
There’s no way a third party company can just erase your debt like it never happened (nor should it). There is no way around besmirching your credit if you’re going to repay less than you owe. Owning up to those two facts will keep folks who are in debt from being mislead by unscrupulous companies who promise that they can wave their magic wands and bring absolution. Be especially wary if the company is coming to you (via email or pop-up advertising online). Even debt settlement or consolidation companies you seek out on your own are often deceitful. When you’re dealing with credit cards, it’s often as simple as contacting the card company directly and negotiating a more manageable repayment course. As distasteful as it may be, the bottom line is that consumers need to do their homework because though they feel they’ve hit bottom it sometimes can get even worse.
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