Reputable Debt Consolidation Companies – Don’t Get Ripped Off
If you’ve watched TV lately you’ve probably noticed a lot of commercials for debt consolidation agencies. They all run slick commercials with friendly sounding operators and beaming customers talking about how they got rid of their debt, restored their credit and changed their lives. If you’re one of the millions of Americans who are out of work or otherwise struggling financially to pay your bills these ads can sound like the answer to a prayer, but before you call, do your homework.
Debt consolidation, which involves getting a low fixed rate loan to pay off your high interest credit cards, can be a smart move if done through a reputable company, but finding one isn’t always easy. Some of these companies prey on the desperation of people drowning in debt. They charge high fees, don’t honor their quotes, and some of them aren’t even debt consolidation companies at all but rather large call centers that are paid to refer you to other companies. So how do you find a debt consolidation company that won’t do more harm than good? Start with the internet. Google the names of companies you’re interested in and look them up on the Better Business Bureau’s site (bbb.org). Look at how long a company has been in business and take that into account along with their score. Talk to friend and family and see if they have any recommendations. Don’t rely on sales pitches!
Reputable consolidation companies will give you a no obligation quote up front along with their rates and fees, the suggested monthly payment amount, and tell you when you can expect to have your debt paid off, which is usually somewhere between 12-36 months depending on what you owe. Any company that won’t give you all this information up front, especially if they won’t tell you your payoff date, should be avoided. It’s also important to make sure the company you chose will allow you to stop the loan process if you feel uncomfortable with the terms or the rep you are working with.
By: Zach Ford
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