Debt Consolidation Scam
Choose your debt consolidation companies carefully. There was a recent scam shut down by the government. The company misrepresented itself to clients. Fortunately the government was able to get them to give at least some of the money back.
If you are looking for a debt consolidation company, make sure you find someone who is reputable. Banks are a good place to start. Depending on your situation they may not be able to help you directly, but they should have a good idea of who isn’t trustworthy.
Also consider checking with some of the large churches in your area. Many of the larger churches teach financial management classes and may be able to direct you to a reputable consolidation company in your area. A quick call the the Better Business office should also help steer you clear of any companies who have ripped people off in the past or that others have found difficult to work with.
Remember that there is a lot of money involved in debt consolidation. Even if a company tells you that they are non-profit be wary of everyone’s motives–especially if you don’t personally know others who recommend them.
- Personal Debt Consolidation Loan-- If someone asks you to loan them money for a personal consolidation loan, you should proceed with caution. If they have financial habits that have put them in a position where they need to have their credit consolidation, you want to make sure they have broken these habits before loaning...
- Student Loan Consolidation-- The government wants to help you consolidated your school loans. You can get a federal consolidation loan for the following types of loans: Direct Subsidized and Unsubsidized Loans Federal Subsidized and Unsubsidized Federal Stafford Loans Direct PLUS Loans and Federal PLUS Loans Direct Consolidation Loans and Federal Consolidation Loans Guaranteed...
- Debt in the Military-- The military is starting to have a problem with debt. Not government debt, but the personal debt of members of the military. The government recognizes that if a military person is deeply in debt the military will strip them of their security clearance. The idea is that if they are...
- Consolidating College Debt-- Many recent college graduates find themselves with several variable rate loans. The government offers special programs to allow you to consolidate those loans into one fixed rate loan. This helps keep your payments constant and allows you to plan ahead. It also simplifies the number of bills you need to...
- Free Student Loan Consolidation-- If you have a student loans, the government will help you consolidate them for free. For example, if you have a guaranteed student loan, and federal perkins loan and a nursing student loan, the government will consolidate them into a single payment. Sometimes the payment can be based off your...
- Government Debt Consolidation Loans-- Is there a federal government debt consolidation loan program available in the US? Most people will tell you that there is not a government debt consolidation program in the USA. There are consolidation programs available for student loans and in some cases there may be debt consolidation loans available to...
- Finding a Reputable Debt Consolidation Company-- If you are looking for a company that will help you consolidate your debt, you need to be cautious. Consolidating your loans into a single low interest loan can be a very good step financially, however there is a wide range of quality in the help you can receive. Some...
- Non-profit Debt Consolidation-- A lot of people think that if a company is non-profit then they must be looking out for the interests of consumers instead of themselves. That is not always the case. Non-Profit Debt Consolidation Scams In some cases a "non-profit" debt consolidation company presents itself as a legitimate non-profit specifically...
- Debt Consolidation - almost last resort-- The Guardian has some tips for people considering debt consolidation. It is written for people in the UK, but the advice is relevant for people in the US as well. The bottom line is that debt consolidation should only be considered after investigating all other possible options. With promises of...
- 6 tips to lower your cell phone bill-- Go with a shared plan. Many times you can get a better rate by pooling the minutes from multiple phones. Do the math to make sure that such a plan is right for you. Most people buy a large number of minutes because they don't want to go over. If...