“Instant” debt relief???
Q: Hey Tim, one of my clients asked me about using one of those debt relief companies you see on TV. What do you think?
A: Anne, I’d tell your client to beware of so-called debt services as advertised on TV!
Here’s why:
Any promise of “Instant” debt relief is likely to be a scam, especially if the service charges an upfront fee of several hundred dollars. No one can make your debt disappear. But there are ways you can lower your monthly payments.
For relief, turn to a nonprofit credit counseling agency certified by the National Foundation for credit Counseling (nfcc.org/firststep/locator.cfn). It will act on your behalf to negotiate with credit card companies to lower or freeze interest rates and set up a manageable payment plan. (Some also offer budget counseling and debt management classes.) And unlike debt services, credit counseling services charge only administrative fees; expect to pay about $50 in set up costs and $25 for monthly maintenance.
Tim VanderburgMortgage Banker NW Mortgage Group, Inc. Ofc: 503.682.2880 Toll Free: 800.452.0038 tvanderburg@nwmortgagegroup.com |
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