Credit Repair Scams - Ads Promising Debt Relief May Be Offering Bankruptcy - CREDIT REPAIR
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CREDIT REPAIR: Credit repair scams - ads promising debt relief may be offering bankruptcy
Consumer debt is at an all-time high. What's more, a record number of consumers—nearly 1.5 million in 2001—are filing for bankruptcy. Whether your debt dilemma is the result of an illness, unemployment, or overspending, it can seem overwhelming. In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes. While the ads pitch the promise of debt relief, they rarely say relief may be spelled b-a-n-k-r-u-p-t-c-y. And although bankruptcy is one option to deal with financial problems, it's generally considered the option of last resort. The reason: it has a long-term negative impact on your creditworthiness. A bankruptcy stays on your credit report for 10 years, and can hinder your ability to get credit, a job, insurance, or even a place to live.
The Federal Trade Commission (FTC) cautions consumers to read between the lines when faced with ads in newspapers, magazines, or even telephone directories that say:
"Consolidate your bills into one monthly payment without borrowing"
"STOP credit harassment, foreclosures, repossessions, tax levies and garnishments"
"Keep Your Property"
"Wipe out your debts! Consolidate your bills! How? By using the protection and assistance provided by federal law. For once, let the law work for you!"
You'll find out later that such phrases often involve bankruptcy proceedings, which can hurt your credit and cost you attorneys' fees.
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