Debt Negotiation Plans and Programs – Advice from the Federal Government and FTC Concerning High Interest Rate Debts
Posted on | April 26, 2010 | Comments Off
Many Americans struggling to make payments on high interest rate debts may consider a debt negotiation plan or program. Before going through this process it is very important to know that debt negotiation plans can have a negative impact on your credit report and credit score which in turn could cause you to be in a worse financial position.
Many companies may claim to provide “non-profit” debt negotiation plans or programs but it is very important to do research. The FTC and Federal Government provide a great amount of information on debt negotiation plans and debt management programs. It would be wise to access the FTC website at FTC.gov and do your homework before making any final decisions.
When it comes to getting out of debt it is very important to know that there is no magic trick to making debts disappear. While debt negotiation companies may claim that they can greatly reduce your debts credit card companies do not have to lower the amount that you owe. In fact, many credit card companies will likely continue to add fees until the debt are paid off.
Author: Jeremy North