Some debt consolidation companies are really good in terms of providing good help and honest credit card debt relief. The put forward settlement programs where you follow strong habits of controlling your spending and paying your bills online.
My favorite and trusted debt consolidation companies are the non-profit organization. Particularly I like the religious organizations that have only one single goal, which is to help the individual to get our of debt and reach a settlement with his or her credit card company.
However, what to do if you have met a the wrong debt consolidation company or service. How to recognize them? Here are some warning signs of credit card debt consolidation services that you may want to take a second look before committing yourself to their services.
Beware of a debt consolidation company that has big fees. They should not charge you 100 dollars for going over your account statement. They put nice phrasing for it, called "credit analysis." Do not commit to any debt relief company that charges you a fee before providing any service.
If the promise, given to you by a debt consolidation company, sounds too good to be true, be careful. They may simply give you assurances that are improbable, hard to achieve. For example promises like these: we will get you zero percent, we will cut your payment by half in two weeks, are overstatements.
These companies usually make the first contact. A dept consolidation company that makes the first contact and sounds or looks like a spam should be a big red flag for you. My advice here is to always check with the Better Business Bureau. It will show if the company has a good standing and if there are complains against the company from its customers who have received credit card debt consolidation services from that company.
In conclusion, here is our recommendation. You don't need to deal with debt consolidation companies if you control your spending. Postponement of gratification is the first virtue of ethics.
Written by Armen Hareyan