No matter how you slice it, debt is a scary thing, especially when those phone calls start coming in from creditors threatening to take action in order to obtain what they are owed. In the spirit of the season, we thought we’d share some truly terrifying getting out of debt horror stories in the hopes that you can learn from other people’s mistakes and keep yourself protected!!

Scenario #1: One of the most tragic stories, and yet one we continue to hear on a regular basis, is the one about the “debt consultant” who requires payment in full before paying off your creditors, only to disappear (or the company claims bankruptcy) just as your payments to him are completed! This is such a terrible occurrence that often leaves individuals with little avenue for financial recourse, having paid out hundreds, if not thousands, of dollars in the belief that their debt will eventually be settled.

Lesson to be learned: Don’t trust an individual who asks for payment in full before paying off your creditors – this is just bad news all around!

Scenario #2: We’ve all received them in the mail – those offers from credit card companies that give you 6 months no interest and encourage you to pay off existing credit card debt with this new card. Sure, this may sound like a great option – but what happens when that 6 months is up? Not only have you impacted your credit report with the initial inquiry and subsequent credit seeking, you’ve also essentially traded one card limit for another.

Lesson to be learned: Unless you are certain that you can pay off the initial debt in its entirety before the time limit expires, toss these as you would any other credit card offer.

Scenario #3: Recently a couple entered our office with a story that is financially terrifying for a number of reasons. After attempting to deal with their debt on their own with little success, our clients called the number of a debt company they found posted on a billboard (bad idea #1). The initial phone meeting sounded promising, and the company sounded quite legitimate, so the couple decided that the guarantees sounded so great that the offer was one they could not pass up – until they were asked for a money transfer of $500 to secure the company’s services. Fortunately, after further inquiries, and more online research, the couple realized that this was a major scam and averted a crisis that likely would have resulted in a serious loss of money! What scares us here is the knowledge that far too often the temptation is too much and the due diligence just isn’t done!

Lesson to be learned: Do your research, read reviews, know who it is that you are placing your trust (and your money) in.

True debt relief from a professional, respected, well-known organization is the safest, most effective means of getting out of debt without incurring exorbitant fees and further financial stress. At DebtCare, we are committed to providing you with the knowledge and expertise to help you get out of debt as quickly as possible. Call us today 1-888-890-0888.