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I’m Neil Colmenares, a Consumer Attorney and Advocate. If you’re considering a “Debt Consolidation” plan, I strongly urge you to think twice before doing so for the following reasons. ??It is important to know that debt consolidation companies are nothing more than scams designed to get you to part with your hard earned money with the end result of you being in the same position years later as you are now. One of the many sleaze tactics debt consolidation companies engage in is to call your creditors and ask them if they are willing to accept less than the full amount currently due. Some creditors may even be willing to offer you a lower monthly payment and cut your total current balance. So far so good. Now here comes the scam: They will increase the interest rate and have a payment schedule spanning many years with a prepayment penalty clause. Moreover, the debt consolidation company takes a large percentage of every payment made. The end result is that you pay much more money to the creditor over a number of years than if you had paid the amount in full.
?If you think working directly with your Credit Card Company is a better idea, think again. A few things you should know.
First, There is no cap on the amount of interest a Credit Card can charge you. That’s right, your Credit Card Company can charge you 1000% interest a day if they want to.?Next, Your current interest rate can change with 45 days notice! When you read the fine print of your contract (and try to find all the other text it makes reference to) you will discover a brutal, deceptive and sleazy truth. The terms of your credit card (including interest) can be changed with 45 days notice which normally comes in that fine print document which accompanies your monthly statement. So if you think you have a 4% interest rate on your credit card for as long as you have the card, think again!?Finally, If a creditor cancels some of your debt, you have to pay taxes on that amount! Cancellation of debt is a taxable event which requires you to pay taxes for that money. This does not apply if a person receives a discharge in Bankruptcy. ?
Although the Obama administration has passed laws to help curb credit card company abuses, you still need to be very careful when dealing with the credit industry.?
If you would like to schedule a consultation, we’ve made it simple. Fill out the “Quick Contact Form” on the Contact us page of this website, briefly describe your case and the time and date you are available for your telephone consultation. I make every effort to personally reply within 24 hours. Or, if you prefer, you can schedule a consultation “the old fashioned way” by calling us on the telephone. Thank you.
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