Today, we’d like to give you a few pointers, and tell you about some things to watch out for when looking for debt consolidation companies to go through. In today’s world, everyone is posing as a force for good. They want to be seen as a beacon of hope for those drowning in personal debt and regret. Unfortunately, a good chunk of these do-gooders just want to take advantage of you. Why? Because, the world runs on money and everyone wants to be rich. Which in my opinion, kind of stinks. So how do you know when a company is on the verge of ripping you off? How can you tell? Are there any signs you can look out for? Yes, yes there are. Here’s three things to watch out for.
The first would be that the company fixes an extremely low monthly amount that you are required to pay. This makes it quite probable that the company will raise this amount once you enroll for their consolidation program. A genuine company would not go for fake hidden costs. Second, Most of the scam companies want a huge upfront fee which can shoot up to thousands of dollars. The last thing to watch out for would be if the company asks you for your account number, Social Security number or other personal information before providing a quote. This is not a good sign. Ideally, a debt consolidation company must provide you with their quote by knowing only your creditor’s names, balances and their interest rates. So if you come across any of these three things when considering a company, it would probably be best to not go with them. It’s your money, and your life. Make sure to find a company that isn’t going to leave you in ruin.
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