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Avoiding unscrupulous credit card debt relief promotions

Most Tennessee consumers have at least one credit card in their back pocket. Unfortunately, credit card debt and interest can quickly build up and become a constant source of stress and anxiety. When credit card bills do get out of hand, consumers often find themselves as the targets of unscrupulous debt relief schemes. Tennessee readers may find the following article interesting.

When credit card debt and other bills begin to build up debt relief "professionals" seem to come out of the woodwork. These schemes promise to help consumers with their financial challenges by negotiating with creditors to reduce their debt. In exchange for this, the consumer is typically asked to make a one-time payment. In many cases, however, no money ever goes to the creditors leaving consumers no better off.

As readers may have heard, the Federal Trade Commission recently shut down a number of debt relief and interest rate reduction operations for bilking consumers out of millions. Sadly, many more such schemes are still operating. To avoid becoming the victim of one of these shady debt relief agencies it is important for consumers to stay cognizant of the warning signs often associated with these bogus debt relief plans.

First and foremost, bogus debt relief groups often use aggressive and abusive tactics to scare consumers into using their services. They are also notorious for making big promises to consumers as well as asking for large up front fees. Some groups, however, are more subtle, which means looking for hidden monthly payments or long term contracts with guaranteed debt reduction. Ultimately it is just about staying aware.

It is not surprising that when debtors do find themselves drowning in credit card debt or other missed payments they may find themselves grasping at straws in their struggle for debt relief. However, in many cases bankruptcy may be good option. Depending on the type of bankruptcy filed, debtors may have their debts extinguished altogether or may be able to enter into a more manageable payment plan. In this way debtors may be able to regain control of their financial situation so they can move forward with a fresh start.

Source: KOMO, "Tips how not to fall victim to debt relief offers," Connie Thompson, Sept. 16, 2013

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