What can a consumer drowning in debt do?
BBB recommends that struggling consumers consider the following steps before enlisting the help of a debt settlement company: • Contact your lender first. – Try to work out an agreement directly with your lenders before enlisting outside help. • Seek help from a non-profit credit counseling center – Credit counseling centers like Consumer Credit Counseling Services can provide guidance for little or even no cost. You can find a credit counseling center near you at the National Foundation for Credit Counseling, www.nfcc.org. • Research the debt settlement firm with BBB first. Find out how many complaints it has received, how the firm responded to complaints and whether or not there are any recent government actions or lawsuits against the company. More advice on managing credit and paying down high balances is available through BBB’s Managing Credit – Made Simpler at www.bbb.org/credit-management/.
