With the economy now‘officially’ in recession and millions of Americans struggling with loads of debt, the web is teeming with so-called ‘debt counselors’ promising relief. Unfortunately, too many folks are buying in. We told you in the past about the Federal Trade Commission’s ‘Operation Clean Sweep’ – a crackdown on dozens of shady ‘debt repair’ companies. But the feds’ action hasn’t has not put a stop to this dirty business: the number of complaints filed with the Council of Better Business Bureaus is on track to surpass last year’s total.
Bottom line: Steer clear of shady companies promising ‘debt repair’ because there is no such thing! These firms often take your hard-earned money to write letters you can easily write yourself – and in the worst cases, they leave you with more debt and more damage to your credit score than you started with. If you need professional help managing your debt, always contact a non-profit credit counselor in your area, which you can find through the National Foundation for Credit Counseling.