Credit Counseling and Debt Relief Services
If you’re struggling with significant credit card debt (opens new window) and can’t work out a repayment plan with your creditors on your own, consider contacting a debt relief service like credit counseling or debt settlement. Depending on the type of service, you might get advice on how to deal with your mounting bills or create a plan for repaying your creditors.
Before you do business with any debt relief service, check it out with your state Attorney General (opens new window) and local consumer protection agency (opens new window). They can tell you if any consumer complaints are on file about the firm you're considering doing business with. Ask your state Attorney General if the company is required to be licensed to work in your state and, if so, whether the company is licensed.
If you’re thinking about getting help to stabilize your financial situation, do some homework first. Find out what services a business provides, how much it costs, and how long it may take to get the results they promised. Don’t rely on verbal promises. Get everything in writing, and read the service agreement carefully before signing it.