Debt Reduction Services
Unemployment Pay Killing You? How to Safely “Slash” Your Debt
The grimmest aspect of the whole unemployment mess is the sheer volume of unsecured debt most Americans have racked up. And it’s thanks in large part to the legal, but sleazy tactics of the credit card companies.
- Unsecured debt — credit cards, department store credit, medical bills—debt that is not attached to any collateral. You agree to repay the debt, no collateral required.
Your weekly or biweekly unemployment benefits pay is meager, at best. If you’re in the same lifeboat as most you’re using those funds to put food on the table and keep a roof over your family’s head. If you could just eliminate the credit card debt things would be so much better, right?
What is Debt Reduction?
Debt reduction in its simplest form is cutting down your unsecured debt in one or more ways:
- Reduce total amount owed on unsecured debt
- Reduce interest rates
- Reduce the period of time you are obligated to repay unsecured debt
Ideally, when you reduce any of these or a combination of them, you instantly relieve some of the financial distress—reserve more money for the survival needs and rest a bit easier at night.
Tips for Finding a Company You Can Trust: Read This Before You Google “Debt Reduction”!
If you turn to the search engines—Google, Yahoo!, MSN—and type in a search phrase “debt reduction” or “debt reduction services,” be prepared. First, there is danger in simply searching for debt reduction.
Why? That’s what you need right?
“Eliminate,” “cure,” and otherwise make your debt vanish are nothing more than empty promises flying at you from every corner of the Internet. These wiley advertising scams come from “businesses” that have one thing in mind: take your money and run. Your desperation is driving a thriving scam business in debt reduction.
Legitimate and trustworthy debt counseling companies are out there, but thanks to the bad guys they are having a tough time standing out from the crowd.
**Best strategy: search for debt management or credit counseling, instead. Or search for a company through the AICCCA (Association of Independent Consumer Credit Counseling Agencies). Then, shop for a company that includes financial services that could aid you in reducing your debt. Most provide a list of services they offer.
Next, look for these symbols of legitimacy on a credit counseling or debt management company’s website or on printed advertising pieces:
- AICCCA symbol – The Association of Independent Consumer Credit Counseling Agencies is a membership organization comprised of non-profit consumer credit counseling companies united based on strict codes of conduct. A trusted symbol.
- Bureau Veritas symbol – Bureau Veritas provides industry audits and quality certification for consumer services delivery businesses worldwide.
- Better Business Bureau – a time-tested symbol of trust.
Legitimate debt reduction services generally come from companies committed to holistic credit counseling. Not only do they coach you on the best debt management strategy for you, but they are required by the Fair Debt Practices Act to provide you with tons of free educational materials that actually help you repair your worsening financial situation, and they are required by law to adhere to a bucketload of industry fair practices.