Tag Archives: debt reduction

Duped! The 5 Worst Recession Scams

The axiom, “If it sounds too good to be true, it probably is!” remains an enduring and unassailable truth. But during the stubbornly long-running downturn, desperate people suspend disbelief. Number 4 on this list caught our eye today as we see clients all the time who fall victim to debt reduction or debt consolidation scams. Get Out Of Debt Now It’s not just the government that has debt issues many Americans are carrying debt that can take decades to pay off. So an opportunity to help consolidate, renegotiate and reduce those debts would seem worth the initial fee that many debt-consolidation scammers require. But as with most recession scams, the up-front fee is a red flag. Once debt-relief scam artists get that fee, most don’t negotiate with creditors at all. The same new FTC rule that prohibits up-front fees for mortgage modification bans them for debt-reduction services, which is good…
Read More »

Posted in Bankruptcy, Consumer Credit, Fraud | Tagged , , , | Comments Off on Duped! The 5 Worst Recession Scams