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Shun Consolidation Scams Despite Debt Desperation

Are you someone who is drowning in the ocean of credit card debt? Kudos to you as you're yet to fall deeper in debt in the year 2014! Or else you most possibly represent a slice of the $25.4 billion in credit card debt that consumers accrued in the one month during 2012, according to the Federal Reserve.

Whether you've been trying your best to pay off your debt obligations or you've spent your dollars recklessly, its better that you pay attention to the soaring credit card debt level as it will undoubtedly gain the attention of the credit card consolidation scammers who are perhaps waiting to prey on your trust and squeeze money out of your wallet.

As there is a sudden increase in the consumer credit card debt, scammers will try to deceive the desperate consumers. Unless you arm yourself with enough knowledge against the unscrupulous capitalists, you can end up in a mess.

CFPB warns the debtors about a likely debt consolidation scam

While there were already discussions and debates about the sweepstakes scams, there are reports of yet another scam that are being targeted to the debtors in the US. Consumers have been seen reporting that the callers are claiming to be representatives of the CFPB or the Consumer Financial Protection Bureau and are claiming to offer debt consolidation services.

They're even asking for credit card information from the consumers. The CFPB warns the consumers that they don't offer any kind of credit card consolidation services. Since most consumers trust the CFPB, the scammers are actually trying to abuse this trust. If you're someone who has received such calls, you may call them directly and let them know about this.

Take efforts to stay aware of the consolidation scams - Choose the best company

The feeling of desperation about being in debt has made them vulnerable to scams. While there are many people who regret misusing their credit cards now, they agree to the fact that they can't get out of debt alone and need consolidation help.

After a recent arrest of 2 debt consolidation scammers, this should remind people of all the scam companies that are waiting to take an undue advantage of the desperate debtors. Once you know the ways in which they can deceive you, you may be able to stay careful about the financial moves that you take before choosing a credit card consolidation company. Check out the things to look out for in a consolidation company before selecting them.

  • Check out the fees: This is the utmost consideration that a debtor should look out for before choosing a credit card debt relief company. As you've already accrued high interest debt, you should always stay careful and cautious about companies charging you more than they ought to. According to the rules passed by the FTC, no for-profit debt relief company is supposed to charge you with advance fees before reducing a portion of the debt. If they do, you may file a complaint with the FTC so that required steps can be taken against such companies.

  • Verify their experience: Does the company actually have experience in the field in which they're working? This should be your question before you choose a debt relief company. If you work with a company that doesn't have enough experience, you may run the risk of results that can burn a hole in your wallet. Check their experience and go through their track records in their website so as to know the number of debtors who got positive results after working with this company.

  • Accreditation with the BBB: The BBB or the Better Business Bureau is an impartial entity that accredits all the trustworthy debt relief companies. Before you select a company, you should check whether or not they're registered with the BBB and if they aren't, you may feel that they're a scam artist waiting to scam you. You should always check their certificate so that you may be sure about who you're working with.

Ideally, if you manage your finances in the best way possible, you'd never need to take help of a debt relief company. Auto loans, student loans, mortgage payments and credit card bills can multiply fast and the best way to avoid any kind of scams is to stay out of the undefeatable debt.

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