The state of our financial lives is turbulent now more than ever before. With so many people drowning in debt and considering bankruptcy, people begin to think that drastic times call for drastic measures. Actually, the opposite is quite true. When things are at their worst, taking a time out to really consider all of the options and explore potential outcomes can be the best strategy. Unfortunately, many people fall victim to companies that target the vulnerable and stressed, who are looking for an easy way out from under their financial hardship.
It Is Not Always A Race
The “quick fix” can seem appealing to many when the threat of foreclosure and pressure of debt becomes overwhelming. However, not all debt settlement companies or credit counselors are legitimate or out for your best interest. Before signing your name to that agreement that promises to eliminate your debt in a matter of days or weeks, consider the following:
- Are they offering services that are paid for after your settlement or have a flexible payment plan?
- Can they prove their licensing or non-profit status?
- Do they allow you direct contact with your creditor?
- Have they provided you with documentation regarding your debts and a proposed settlement agreement?
If you answered “yes” to these questions, you can rest assured the company you have chosen is reputable. However, it is always a good idea to seek additional counsel and shop around for the company that can offer you the debt relief you need, without rushing you into any decisions or agreements.