Can getting out of debt actually hurt you? The process is tricky, but with the right process, it could be beneficial.
The United States is in a deep hole at the moment. Because of over-spending, America as a nation is very much in debt. A large number of Americans are just as badly in debt, mostly due to over spending on credit cards. The idea of a credit card is a great thing. If, you don't have the money to pay for something at the moment, you can charge on the credit card and then pay them back when you do get the money, with a little interest on the side of course.
The problem is though, is what happens when you lose your job and are unable to pay the bills because you have no income? Or what if some people are merely irresponsible and spend far more than they can afford? That's when things start to get sticky.
Benefits are AppealingFor those who owe money to numerous sources, and owe a substantial amount, there is the option of debt consolidation. A debt consolidation firm is a company that takes over all the debt, and negotiates with the former debtors to bring down the amount the person owes. This way the person owes less money, and makes payments to the debt consolidation company alone. However, the firm also charges a fee, one that can be rather expensive.
Buyer BewareFor someone who is deep in debt with nowhere else to go, this could be a good option, however there are many who are calling out debt consolidation companies as scammers. Some people, who were promised such services, instead were stiffed. In one case a couple paid $1,000 to have their debt reduced, but they received no services in return.
However Robert Linderman, general counsel for Freedom Debt Relief, California's largest debt-settlement company, claims that debt consolidation companies are legitimate. Whether their customers come to them or they find customers through debt settlement leads, he says that they get a good service from most companies, sometimes paying only 40 cents to each dollar. Linderman goes on to explain that a few rogue groups have tarnished the image of the industry, leading to the idea that people need to be careful about which companies they trust.
Either way, debt settlement can be a good thing if done correctly and professionally. However, one can only hope that after needing to turn to such a service, that a person will learn their lesson about credit card debt and overspending.
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