Bruce McClary
Bruce McClary

A recent study conducted by reveals troubling details about debt in African American communities. Data shows that more than 27 percent of African American households are struggling with late debt payments, which is noticeably higher than white households at 15 percent. Falling behind on debt payments is a catalyst for more significant hardships like late fees, debt collection calls, inadequate savings, and lower credit scores. For some, bad debt can even make it hard to get or keep a job. All of these consequences create a situation where people desperate for debt relief are vulnerable to deceptions and rip-offs. So how can you tell if an offer to help you take control of your debt is legitimate or not?

Look Beyond the Promises

You鈥檝e heard the ads on radio and television that promise to share 鈥渢he secret to getting out of debt that the big banks don鈥檛 want you to know鈥 or the guarantee to make up to half of your debt disappear. It might be easy for someone without debt worries to dismiss these messages, but anyone who is being pressured by a debt collector day in and day out might be tempted to believe what they see in these commercials. It always helps to take a moment to investigate an offer, especially when money is at stake. Fact-checking a debt settlement advertisement through trusted sources like the (CFPB) can give you the real story on what to expect.

Know Your Rights

Some debt relief companies will want you to get started right away after you agree to their terms. While the urgency of your debt problems is a good reason to do something quickly, you should never sign up for any program before taking the time to understand the terms fully. Avoid doing business with companies that tell you to stop communicating with your creditors and advise you to withhold payments while negotiations take place.  You have a right to communicate with your lenders and being told not to pay is bad advice that will lead to credit sabotage. This is why the CFPB, the government agency established to protect and educate consumers, says debt settlement companies may 鈥渓eave you deeper in debt than you were when you started.鈥 That鈥檚 not a situation you want to face.

Safe Solutions

There are safe solutions for getting out of debt and putting your life back on track.  The value of these programs is life-changing and can go way beyond what a typical debt elimination scheme could offer. For more than 68 years, nonprofit credit counseling programs provided by members of the National Foundation for Credit Counseling (NFCC) have helped millions of people safely put debt struggles in their past. By relieving financial stress, you can focus on life鈥檚 most important priorities, like family and the freedom to live the life you want. According to research by The Ohio State University, nonprofit credit counseling by NFCC agencies leads to significant reductions in credit card debt, higher credit scores, and improved confidence in money management skills.

How to Get Help Now

Reaching out to an independently accredited nonprofit credit counseling agency is as easy as visiting or calling 1-800-388-2227. No matter your circumstances, speaking with a counselor will regain control of your debt and achieve real financial stability.

This correspondent is a guest contributor to The 老澳门开奖网 Informer.

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2 Comments

  1. This is a well-written and informative article on debt consolidation and its potential benefits for those struggling with debt. I appreciate the emphasis on finding a reputable and trustworthy debt consolidation company, as there are unfortunately many scams out there that prey on vulnerable individuals. This article provides valuable information and resources for those looking for a safer way out of debt, and I appreciate the author’s efforts in shedding light on this important topic. Thanks for sharing this info with us.

  2. Insightful article on finding a safer way out of debt. It’s essential for individuals to explore strategies that can help them manage and reduce their debt effectively. This article provides valuable guidance and resources to navigate the path to financial freedom. Implementing the suggested approaches and seeking professional advice can empower individuals to regain control of their finances. Thanks for sharing this informative piece that offers hope and practical solutions for those struggling with debt.

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