Wednesday, November 10, 2010, 09:30 AM
Posted by Administrator
I was speaking with the manager of my local bank, yesterday. She told me that many of her customers were getting involved with "debt consolidation" companies. I was surprised. Here is why:

1) "Debt consolidation" companies are unregulated. If they take your money or don't solve all of your debt problems ...what are you going to do? Report them to the Better Business Bureau? That probably won't help.

2) If your credit isn't already wrecked by the time you engage one of these companies, it will be within a few weeks after.

3) If your "Debt Consolidation" company does make a deal with some of your creditors....what do you do when the one (or two or three) they weren't able to make a deal with sues you?

4) Do you really have the money they want for monthly payments? Wouldn't the "monthly payment" money be better spent on your kids? a vacation?

Bankruptcy.....if you great stuff. "Debt Consolidation" companies are...for the most part...just trying to get rich off of your suffering. "Not For Profit" just means that the people who run the company take the profit as doesn't mean someone isn't making a whole bunch of money. of you.

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