Debt Consolidation Online - 3 Things To Watch Out For

Looking for a debt consolidation service? There are hundreds of companies out there who can help you consolidate your debt into one low-interest monthly payment. However, you need to beware of scammers! Some unsavory folks will simply try to take your money by making promises of debt consolidation--and then they don't deliver on those promises. So as you're browsing for Debt Consolidation online, remember to watch out for these three things:

Outrageous promises

"We'll wipe your credit clean in less than 3 days!" "We'll get your interest rate dropped to zero percent!" These types of outrageous promises are a sure sign of a scam operation. Any legitimate debt consolidation company will make reasonable promises and claims about the services they offer. Look for companies that offer help, assistance, and guidance--NOT miracles.

Spam, telemarketing and junk mail

Be wary of any service that solicits your business, especially with cheap marketing tools like email spam, telemarketing and junk mail. (Fliers on a community bulletin board are even worse.) In general, it should be you who seeks out their business, rather than they who contact you. Television commercials are an exception, however. They are generally acceptable advertising since the company is not contacting individuals directly, but is rather targeting a broad audience.

Exorbitant fees

Don't pay any company an up-front fee before they've even looked at your case! Sometimes called "client assessment fees," some companies will charge you $50 or $100 just to review your paperwork for a few minutes--then they shuffle you out the door! Although it's not unusual to pay a debt consolidation service an initial fee plus a monthly fee, you shouldn't be paying exorbitant amounts. Shop around so you know the current rates for this type of service, and walk away from any company that seems to be gouging you.

Although a debt consolidation service can get your interest rates lowered and help you get a handle on your finances, it's always smart to be wary and on the lookout for unscrupulous scammers. Before you sign on with any company, make sure you check them out with your local Better Business Bureau.

Article Source: http://www.moneyarticlelibrary.com

Try using www.abcloanguide.com for a list of Recommended Debt Consolidation Companies online. Their recommended companies are reputable and competitive in their rates.

Please Rate this Article

5 out of 54 out of 53 out of 52 out of 51 out of 5 

Not yet Rated

Click the XML Icon Above to Receive - Debt Consolidation Articles Via RSS!

Additional Articles From - Home | Loans & Debt | - Debt Consolidation

• Debt Consolidation Loans: Pay lesser interest - By : JohnMathew1
  
• Bad Credit Debt Consolidation Loan - A Chance to Improve Credit While Getting Debt Freedom - By : Daniel Martinez
  
• Debt Negotiation - Possible Ways to Eliminate Your Debts - By : Daniel Martinez
  
• A Few Tips to Get Out of Debt - By : Daniel Martinez
  
• Military Debt Consolidation Debt Relief Program For Army Personnel - By : Daniel Martinez
  
• Truth About Debt Settlement Companies - By : Peter Kenny
  
• How To Eliminate Credit Card Debts Using Consolidation - By : Fred Francisto
  
• Debt consolidation: Easy way to treat your several debts - By : Addy Roy
  
• Escaping from the debt trap - By : Kev Wilson
  
• Many Ways To Find Perfect Debt Consolidation Options - By : Robert Thomson
  

Related Articles:

• Free Network Marketing Recruiting Mini-Course... Part#1
• Credit Cards: Frequently Asked Questions
• Parents Supporting Adult Children?
• Small Business Marketing Magic
• History Of Mulberry Trees, ‘Morus Alba,’ ‘Morus Rubrum,’ And ‘Morus Nigra’
• Get Paid To Raise Your Credit Score, Part I
• 15 Effective Niche Marketing Strategies.
• Temptations and drawbacks of home equity loans.
• Legal Issues for Small Businesses
• Business Plan – Definition Of Your Business