When financial stress is keeping you up at night, the promises of a debt consolidation company can be enticing. They assure you that they will help you regain control over your financial life. They ask you to trust them without seeking the advice of a Minneapolis debt consolidation lawyer. Should you, or could a debt consolidation company put you in an even worse situation than you already face?
3 Things to Watch Out for With Debt Consolidation Companies
Before you sign a contract or agree to use the services of a debt consolidation company, it is important t to be aware of the following potential pitfalls of working with a debt settlement group:
- Promises that are too good to be true. An experienced Minneapolis debt consolidation attorney may be able to help you make things better, but the process won’t be painless. Beware of a promise that seems too good to be true from a debt consolidation business, because the business is unlikely to be able to deliver on its promises.
- Many debt consolidation companies charge non-refundable fees. Fees may be as high as 10-15 percent of your total debt. Additionally, fees for escrow accounts or other charges may apply.
- The advice that you receive may simply be bad. You may be advised, for example, to stop paying your debts. When you do this, not only will your debt not go away, but also late payment penalties may be imposed and interest rates may rise, leaving you worse off than you were before you sought “help” from the debt consolidation company.
How to Contact a Minneapolis Debt Consolidation Lawyer to Discuss Your Legal Options
If you are concerned about whether a debt consolidation business can actually help you and you want to learn more from an experienced, empathetic and reliable St. Paul debt consolidation lawyer, then please call our Minneapolis debt reduction law firm at MN (952) 920-1001 or AZ (480) 207-2203 for a FREE consultation.