Tag Archives: DebtConsolidation

Why You Should Beware Debt Consolidation Scams

Debt consolidation scams may appear to be your savior at first glance, but they often make everything much worse. They are expensive and highly predatory. If you are struggling with debt, whether it’s credit cards, medical expenses, or anything else, debt consolidation is rarely a better option than Chapter 7 bankruptcy. The Dangers of Debt Consolidation Scams There are a variety of ways that these debt consolidation scams will drain what little cash you have and do significant damage to your credit score. Here are some of the ways that debt consolidation can hurt you: High Monthly Payments – Debt consolidation companies commonly require higher monthly payments than any of your creditors would. While a creditor may agree to a debt settlement of half or even less of the principle owed, debt consolidation companies are not typically as generous. Monthly Service Fees – Most debt consolidation scams require a monthly…
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