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Our debt relief options are sold to us every where we look, listen or read. Debt Consolidation is never the answer, Don’t buy it! Not only are we allowing our debt to be further extended, but we are paying the upfront cost to to hurt ourselves. Statistics show that over 70% of people that complete a debt consolidation loan are in double the debt in less than 2 years.

Bank Rate.com’s own Jenny McCune respectfully notes, “You’re getting symptomatic relief, not a credit cure”, and goes on to say, “70 percent of Americans who take out a home equity loan or other type of loan to pay off credit cards end up with the same (if not higher) debt load within two years.” Turning your unsecured credit card debt in to your mortgage you have worked your life for is senseless. So before you float down the yellow brink road of debt consolidation, watch out for the flying monkeys.

Protect your best interest, as only you can resolve your debt related problems. That does not insist you should do it alone.

The most important thing you can do when making the decision get help with your debt related problems is to be an informed consumer. The most important thing you can do is ask questions and get the answers in writing. Be demanding of the following questions and consider their response when deciding on your course of action.

* How much does the service cost? When choosing a solution for debt relief, it’s important to make sure the program is something that’s affordable and realistic within your monthly budget. If you can’t afford the program and join anyway, you’re are just causing more long-term financial problems for yourself; however, if you are able to meet the monthly financial requirements of the program, Debt Settlement is a great form of debt relief for unwanted credit card debt.

* Does the Debt Settlement Company you are interviewing report to any of the three major credit bureaus about your enrollment in their program? Traditionally, debt settlement companies do not report to credit bureaus as a “NON CREDITOR”, rather a contractor of service, they can not report to the credit bureau’s. Your creditors however may choose to.

* * Does the company offer any type of service guarantee? If so, what is the guarantee? If a company can not get settlement on your debt at a pre- agreed percent, you should never have to pay a fee, or the fee should be fully refunded. Keeping this in arms reach understand you play a huge role in the outcome of any debt settlement program.

* Does the debt settlement company you are considering have IAPDA certified debt arbitrators? IAPDA certified debt arbitrators possess a solid understanding of the laws governing the Debt Settlement industry and fully understand your current financial situation.

* Does the debt settlement company you are considering belong to the local Chamber of Commerce? This type of affiliation will help ensure that the company is conducting business in an ethical manor.

After getting each of the above answers, contact the BBB and look for complaints. The BBB is a private company in each community and not all allow debt settlement to become members as they are for profit, but they will in fact post complaints on any company. Making sure you have not been “SOLD” debt settlement by the debt settlement company and move forward and live a debt free life.

Tom Bates IAPDA Certified Debt Arbitrator
President and CEO of Absolute Debt Solutions, Inc.
http://www.AbsoluteDebtSolutions.com

by Tom Bates