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Debt Consolidation Companies

Finding debt consolidation companies that you can trust to do the job for you can be difficult. All kinds of claims are being made in the TV, newspaper, and Internet ads touting their services. But you don’t know what to believe.

Luckily, the Internet makes searching a little easier. Before you think of investing money with one of the many debit consolidation companies, search the Internet to see if they are associated with any scams. Now, just the fact that they pop up when you search for “scam” is not a big deal. Any large company, no matter how good, is going to be accused of running a scam at some point. That’s the nature of the Internet. But if a company shows up in hundreds of scam postings and if many of the postings seem legitimate, then that’s a giant red flag.

Next check the FTC website to see if they have filed any legal actions against the company, In the last few years, some of the debt consolidation companies have been running scams so blatant, that the FTC has been forced to file suit. The FTC can also provide you with additional guidelines for selecting an appropriate debt consolidation company.

Check the Better Business organization in the state in which they are incorporated. Even though this is a pro business organization which many people have complained is slow to act against members who violate their standards, it is good to check with them. If the BBB gives them a bad rating, so should you. But check other accreditation services as well. Many of the better debt consolidation companies are accredited by either the Association of Independent Consumer Credit Counseling Agencies or National Foundation for Credit Counseling.

Check with your local State Attorney General’s office as well as the Attorney General in the state in which they are incorporated. Each state should be able to provide you with some information as to whether any legal actions have been sought against them. Most states have websites where you can look up information of this type.

The point is, do not go about selecting and evaluating debt consolidation companies in a cavalier manner. After all, if you decide to go with one of them, remember that they will basically have control of your financial viability for the next 2 to 6 years. You should consider due diligence practically a necessity when considering handing over your debt and financial affairs to a company or another person.

Credit Card Debt
The average American family is carrying a credit card debt of over $8,500, an extremely high debt level, especially at the interest rates that credit card companies normally charge.

Credit Card Debt Elimination Plans
In today’s economic maelstrom, the demand for credit card debt elimination plans is unprecedented. But if you have the self discipline to follow a plan, you can very often do just as well or better on your own.


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