If your bills are past due and you want to avoid filing bankruptcy, you have several options. If you have decided to go with debt consolidation, your next move involves selecting the right debt consolidation company.
Choosing the best debt consolidation firm can get you out of debt within a few years, but selecting the wrong one will almost certainly land you in more debt than ever. According to Bankrate, 70% of debtors who obtain a debt consolidation loan end up in more debt than before working with their chosen company.
Signs of a questionable company are just as important to know as those of a reputable company. According to MSN Money and About.com, the following are some signs of a company to stay away from:
- Promises that are too good to be true
- There are several unsatisfied customers and complaints to the BBB
- They tell you to stop paying your creditors before the process begins
- They don’t keep you up-to-date about which bills they are paying off
- No written contract or signed agreement
Obtaining a debt consolidation loan should help you get out of debt. Getting ripped off by a company that ends up costing more only adds to your debt issues, and does not guarantee that your creditors will be satisfied. Therefore, doing your research is crucial.
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