Finding a Good Debt Settlement Company
Tuesday, January 6th, 2009
According to MSN Money, the average American carries a balance of $8,000.00 in unsecured credit card debt. This growing problem does not stand to get better anytime soon with the current state of our nation’s economy. Many have been turning to debt settlement as a solution to this problem. It is an attractive alternative to bankruptcy. It allows you to eliminate generally 50% of your total unsecured debt while avoiding most of the consequences of filing for bankruptcy.
It is important to choose the right company when considering enrollment into a program. You must be aware that many settlement organizations are not truly dedicated to helping you with your problem. Companies charging upfront fees should automatically raise red flags. Typically, you want a company that charges a small portion of their fee in your monthly payments. This way they have something to work for.
The ideal debt settlement company will have a good rating with the Better Business Bureau (BBB). You should check on any complaints filed against them in the BBB registry and see if they were resolved. A company with many complaints suggests they might be an organization that should be avoided. Another consideration should be to find an agency accredited with The Association of Settlement Companies (TASC). TASC is a nonprofit organization that was created to bring professionals, legislators and consumers together to promote good practice in the debt settlement industry. There are currently only 170 debt settlement companies registered with TASC and they all must abide by strict regulations which promote good practices.
By: Bill S. Preston