Beware of These Debt Free Scams
Debt-Free scams are all over the Internet, and they come in many different forms. Since millions of Americans are in debt (thanks to the current economic meltdown and unreasonable interest rates of lenders), they are vulnerable to scam artists offering to assist them with their problems.
Debt can result in bad credit, and with bad credit, you cannot fulfill certain needs and wants, such as; applying for a student loan or leasing a car or apartment. Since many scammers know this, they prey on the weak and vulnerable to get what they want. Here are the many forms these “debt-free” scams take:
Claims Management Companies- This is another type of debt-free scam that has been infiltrating the Internet for a while. Basically, these false companies prey on the weak by offering to take over their debts by purchasing consumer’s credit agreements. For one, this is illegal because these types of companies cannot allow the sale of debt without clear permission from the lender.
Consumers need to understand that even if they sell their debt to these misleading companies, they still are responsible for that balance. So, not only is the consumer now still in debt, but he also has added to his balance by paying for a false and misleading company. They will do nothing for your credit score and you will only add to your debt and misery. There are some real claims management companies, but in order to be considered legit, they have to be licensed by the OFT.
There are some things you can do to protect yourself from these scams. For one, do not fill out any personal information on a sales contact form over the Internet. Doing so will only open the doors for them to hound you and call your phone number constantly. Also, since most of the programs are scams, you never want them with your information anyway because they are unethical and liars.
If you want to reduce your credit card debt, just get a copy of your credit report. You need to get one from each collection agency. These three agencies include; Experian, Transunion and Equifax. Go to their main website to their main website; do not go through a third-party site to obtain your credit report!
From there, you can call each credit agency on your report and negotiate your own re-payment plans. Try to get them to reduce the overall balance by getting rid of Interest and late fees. Also, set up an alert system with the three credit bureaus just in case someone tries to open an account under your name.
Related posts:
- Filing For Bankruptcy Should Only Be a Last-Case Scenario
- Make Money Online to Get Out of Debt
- How To Settle Your Debt
- Tips to Avoid a Debt Consolidation Scam
- How to Lower Your Interest Rate
- How To Check On A Debt Consolidation Company
- Getting Debt Free Isn’t Easy
- Consumer Debt Statistics
- Choose a Reputable Credit Counseling Agency and Avoid Scams
- How to Choose a Debt Settlement Company
If you want to get out of debt, but aren't sure what your plan should be, then click here and read the debt consolidation plan.
If you're serious about getting debt free, sign up for the free debt course that will help you lower your minimum payments, lower your interest rates, and get out of debt faster.
Get the course here:
Debt is slavery, and the goal of this website is to help you get debt free.
If you want to get out of debt, but aren't sure what your plan should be, then click here and read the debt consolidation plan.
If you're serious about getting debt free, sign up for the free debt course that will help you lower your minimum payments, lower your interest rates, and get out of debt faster.
Get the course here:
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