When it comes to living a stress free life, we end up thinking about the financial struggles we are left to deal with. There are people constantly drowning deep in debt and they cannot find a way to get out of this seemingly never-ending problem. As the statistics show, the total public debt, as of April 2014 has crossed the $12 trillion figure. There are people becoming a part of these statistics through mortgage, student loans, auto loans, credit card debt and other such consumer loans. Despite, frugal living people are somehow unable to save and get out of the debt burden. Having debt means you will not just be financially affected but suffer from a lot of mental and emotional stress leading to problems like depression. When it comes to seeking help from relief providing services and companies, people are left confused about their decision because of the growing number of scams and crooks in the industry.
Here are some red flags and a few reliable sources you can seek help from.
When it comes to choosing a debt relief service, make sure you look out for these warning signs in order to avoid falling in scam traps.
When in debt, people tend to trust anything that says, “Debt Relief,” there are high chances that the relief they are offering might cause more trouble. Companies that charge you with a hefty sum of money, up front, without providing you with the promised relief will not be working for you but their own welfare.
Consider companies that are accredited with debt councils and associations like the National trade association; the International Association of Professional Debt Arbitrators and American Fair Credit Council are more trustworthy than those without the required accreditation.
Companies having a reputable name for a considerable amount of time are the safest option to be considered.
If your company is credible then it must have some legal certificates and documents to prove its credibility. There are still chances that a company might claim to be accredited with the trade association and debt councils don’t just trust their words until you thoroughly check their certificates and documents.
Make sure you do your own study about debt management, settlement and consolidation to avoid companies to confuse you with these three.
You should also know about the debt relief programs offered by the government on federal loans; there are a number of companies which fool people with no prior knowledge and charge them for programs that are otherwise offered free.
Companies who are reluctant in discussing their policies and/or other debt relief options with you are likely scams. For a reliable relief company is open to provide you with all kinds of relief options and will be transparent about their policies.
Some Trustworthy Names:
The company has been operating since 2009, and is accredited with the three major associations. The company deals in debt settlement and has been offering its services with customer satisfaction. The company is also listed in the Better Business Bureau (BBB) which only enlists companies that meets their criteria, which clearly indicates companies that are reliable.
Student loans are the hardest to deal and there are as many scams in this industry as there are in any other. Student Debt Relief is a reliable student loan management, settlement and consolidation company. The company offer services with transparency and a money back guarantee.
CareOne debt relief provides you with consolidation and management services for various loans. You can consult their accredited counselors to guide you through the best repayment plan. The company has been operating since 2004 and is Rated A+ with the BBB. The company provides thorough counseling and educates its consumers about money management and debt settlement.
Freedom Debt Relief offers a debt resolution program for people with a number of different loans. Freedom debt relief is accredited with AFCC and do not charge until your debt is settled or resolved.
Next in the Student Loan Relief services is Student Loan Relief Group. They serve in providing loan management and consolidation solutions. The company has been operating since 2012; and provides consultation on debt settlement and consolidation.
While there are many scams with false claims, there also are some companies that provide you with a solution to release you from your debt worries and allow you to save your money by providing their valuable and professional services. While there are still many people who don’t want to consider the services of such companies thinking they are of no good, but the reality is there are certain aspects that not everyone can understand but those who are professionally related to this field. Being debt free will not just help you financially but can rid you from mental and emotional stress.