Debt Consolidation Scams
Beware of debt consolidation scams. Not exactly Shakespearean advice, but it is a worthwhile tip. Those in debt are also in need. They are in need of getting out of debt. When you can't afford the debt you have, there are few options available. This is particularly so for those on a fixed income That's most of us. Elderly are commonly considered those on fixed incomes. But that category applies to all who make a set income. So if you earn a salary, you are on a fixed income. There is little to do besides getting another job to get more income. If you work full-time, there is little to no time left to moonlight.
What then to do? If you find yourself with a set amount of income, and debt beyond your ability to repay, there is only one option. That is to reduce or eliminate your debt to get out of your financial hole. But how? You could pay it off with savings. That, though, is rarely doable. If you had savings, you probably wouldn't be in debt in the first place. Beyond that, you must seek ways to reduce or eliminate your debt. Again, how? Debt consolidation is a common media pitch. So, too, are debt consolidation scams. This news story reflects the bottom-ot-the-barrel example of debt consolidation scams. But it is a cautionary tale. It is also not an isolated instance.
Debt consolidation scams are more common than most would consider. They are not always as egregious that news story. But, however viewed, there are many examples of scam artists seeking to separate you from your money. All done to prey on your need to reduce your debt. Some of the more subtle scams stem from the credit card industry. Many debt consolidators are owned by the credit card industry, sometimes referred by credit card companies when you encounter difficulty with your debt. Their mission, though, is to reduce their own debt, not your debt.
Evaluate your debt options by contacting me for a free consultation to consider bankruptcy.