Credit Debt Help – Questions to Ask When Seeking Help
Credit debt help is offered by hundreds of Debt Counselling companies in each state of the USA. With so many companies vying for your business and claiming to eliminate your debt completely, how do you choose and the right company for your financial situation and is the advice they are offering you worth the paper it is written on?
The Top 5 Questions To Ask A Debt Company When Seeking Debt Help
Q1) How many years in business has the company been in and what is their track record in reducing clients debt?
This is important as you will want to go with a company that has many years experience in reducing client’s debts. If a company is reputable it will also be willing to show you testimonials from happy customers who have benefited from their sets.
Q2) Is the debt company a member of a ‘Financial Association?’
A few to consider are: AADOMO (American Association of Debt Management Organizations), TASC (The Association of Debt Settlement Companies) and USOBA (United States Organization for Bankruptcy Alternatives).
If the debt company is a member of an association they will have to follow best practice procedures. This should give you additional assurance they know what they are doing and the advice they provide some credibility.
Q3) Do they offer good advice?
With average debt settlements ranging between 50% – 65% in balance reductions, companies that quote unrealistic reductions such as 90% or total elimination of debt are not for you. The reduction of debt should be based on your circumstances.
Q4) Do they offer a FREE no obligation consultation?
The majority of debt companies do offer this. So before entering into a settlement program for your debts, you should take advantage of the free consultations that most debt counselors provide. This will ensure that you are comfortable with the solution that they provide, and become comfortable with working with the counselors.
Q5) Do they offer any Guarantee’s?
It’s all well and good if a debt counsellor says they can reduce your debt by 50 – 60%, but what if they can not. Remember it will be you who’s left with the debt burden. Make sure the company provides you with a Written Money Back Guarantee. When you consider different options (consumer credit counseling, debt negotiation, debt consolidation, bankruptcy), ask the representative if their sets are backed by an equivalent or better guarantee.
The next step to paying off your debt is down to you; take a long hard look at your debt situation and take some positive action to reduce it.