Answers.com > Wiki Answers > Categories > Business & Finance > Personal Finance > Money Management > Credit > Credit and Debit Cards > Are debt settlement companies all scams?

Are debt settlement companies all scams?

Answer:

No, but most of them are. There are 2 kinds of these scams, the first is only done buy giving out a 20+ interest loan on the debt owed(often less money due to credit fees and even higher % apr on credit cards. the second is done by them telling u to simply not pay, and then they will take a fee to discuss a lower payment plan, which doesnt always work.

First answer by Answers Publishing Network. Last edit by Answers Publishing Network. Contributor trust: 96 [recommend contributor ]. Question popularity: 1 [recommend question].

[report abuse]

Can you answer these Credit and Debit Cards questions?

	When would a pay charge off drop off your credit report?	Answer it!
	How do you chose debt settlement company?	Answer it!
	How do you check home depot store credit cards?	Answer it!
	What codes are there on frank town rocks gift cards?	Answer it!
	What can you do if a can I do if a company garnishes my wages without a court order?	Answer it!

Relevant answers:

Are all debt settlement companies crooks?
The general consensus is that all debt settlement companies are crooks. It would be best to go with the ones with the highest ratings on review sites; however, debt consolidation always offer high...
What are debt settlement companies?
Debt Settlement Companies provide relief from your current budget. It will allow you to bring down your current monthly payments on your debt and as a result, you have more cash available in order to...
How to choose a Debt Settlement Company?
When you are choosing a debt settlement company, there are many things you need to be mindful of. Many companies offering debt settlement services are small, unsophisticated and have only been around...
Debt settlement companies?
Debt consolidation companies provide help to the people who are facing problems in paying there debt. Debt consolidation company give them assistance to get out of the debts. There are many companies...
What is debt settlement and is Freedom Debt Relief a good debt settlement company?
Freedom Debt Relief Review. Yes, I considered many debt relief options and decided that they are the best for debt settlement. What Freedom Debt Relief basically does is get you a plan to lower your...