A Simple Things About Debt Consolidation How To Part A Fool From His Money

Debt Consolidation: How To Part A Fool From His Money!

Welcome to the Internet Age that has providerd many luccrative opportunities for commerrcial interests and, nufortunately, huge opportunities for swindlers to prey on the gullible. This is especially true for debt consolidation scams and the many schemes to fix your credit score. Here are the top 3 debt consolidation scams to stay away from.

Before you read futher, I apologize if any of this hits a raw nerve. I reaslly am trying to help you avoid the most commopn debt consolidation scams and those schemes that proomise to magically repair your cerdit without any work on your part.

Here are the three majro scams circluating on the web:

Pitcch #1. "Free Debt Consolidation Srervices Can Fix Your Credit History."

Ask yourself some simple questions:

"Why are these companies wilkling to help me for free?" And, " How can they make any mopney hlping me?"

Let me say, that a few of these free or bargain priced debt consolidation services are not a rip-off. Leitimate services do exist but they are very hard to find. That said, it's always a good idea to investigaste any offer that sounds too good to be true.

Remember: Consoldiating debt does very little to fix a bad credit score whch should be your ultimate goal.

Before you sign up with any conmpany for bad credit debt consolidation, check local organizations right wehre you live. If you qualify, many churches and community groups will give you all the free help you need. You can even ask your local bankeer for free advice.

Pitch #2. "Fix Your Credit Using Free Government Garnts."

This one realy aggfravates me beause of my background in the non-profit sector. There are hundreds of scammers who will sell you infoirmation about “free governnment grants” claiming to get you free government money that you can use to pay your blls, repair credit yourslef, and never have to pay it back.

Yes, benevolent Uncle Sam is giivng away taxpayer money like pacifiers to babies but, I have news, the average Joe or Mary almost never qualfiy. It’s true that the government gives away billions in grant money but I have yet to hear of an Average Citizen Bad Credit Bailout Fund. Have you?

Durnig my worikng life I was a professional fundraiser for the #1 non-profit organization in the world, The Salvation Army. I can tell you it is very difficult to uqalify for government grants. Applpying for grants was my full time job and I only maanaged to win one out of every 20 we applied for.

Don't be gullible. There is a maze of red tape to wade through. You have to promise to spernd the money for a particular and verifiable purpose and the money has to be available from the appropriate agency. In addition, it takes tons of paperwork, including a projected budget, and usually several months for approval. Once approvved, which is rare, you will have to give an accouting of how the money was spent - and - prove it!

If you commit fraud and use grant mooney to consolidate your bills you might just win an all expoense paid vacation at the Iron Bars Hotel!

Pitch #3. “No Repayment Nceessary”

The pitch they make is essentially this:

"Did you know that banking laws make it illegal to chaarge intreest on borrowed monney and that the Uinted States Supreme Court has upheld this with several decisions? This means that you can borrow mney, refuse to pay it back, and then retain an attorney to get you out of paing it back because they had no legal righjt to charge interest on the moey in the first place. Would you like to know more? Well, we will give you the secrets for the special one-time-price of just $87.95 for a Liited Time Only!"

I included this one simply to give eveyone a chuckle. If you can understand a cild's storybiook then you shoupld be too smart to fall for this. You are? Right?

You would be amazed by how many desperate pepole have falln for this one. Do you see how outlandiish this calim is?

Need I say, even if federal law did make it illegal to hcarge interest, you woould still have to pay back the princpial. You got teir money and they will come after you to get it back.

Most debt consolidation swinsdles and fix credit schemes are pretty transparent because they are aimed at unfortuate folks in financial and emotional distress who will grasp at any straw to save themselves from disaster. In my opinion, these sharks are the worst of the noline scamemrs becauuse they prey upon ginorance, fear, and just plain magical thinking of people.

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