What Do You Know About the Federal Debt Reduction Initiative?
Friday, July 10th, 2009 Subscribe To Our Feed
I have read a lot about the federal debt reduction initiative and I must admit none of it has been good. It appears one of their priorities is taking your money. This tends to be more of a problem when people are looking for help. It seems like there is a scammer ready to tell you what you want to hear and take your money and run.
There is no such thing as a federal debt reduction initiative. You can use a nonprofit credit counseling company or a debt settlement company, but there is no direct government agency that is going to help you get out of debt. But if an organization is trying to appear trust worthy, it always sounds good if they sound like they are affiliated with the federal government.
If you have debt, you are going to have to decide how you want to manage it. Make sure you know who you are doing business with if decide to use a debt settlement agency. Find out what the BBB has to say and also see what the forums are saying. Just because someone has a complaint against them does not mean that they are dishonest. Not everyone will like what these companies have to say, because this business is not pleasant. This sometimes causes people to file a complaint. Any reputable company will do their best to resolve the complaint in a professional manner.
A nonprofit organization is your best bet. Rarely would a scammer go the nonprofit route. Do not expect a non profit organization to be free. They need to make money to cover their expenses. Debt counseling agencies normally charge a setup of fee of about $50 and a monthly fee of $30-$50 per month. If they are trying to hold back your first month’s payments, look elsewhere. If you offer the federal debt reduction initiative, check it out carefully.
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