May 30, 2006
Beware of bankruptcy trap
Debt seems to have become a national bugbear with record numbers of consumers filing for bankruptcy every year. And some unscrupulous companies seem to be making a killing on this trend. The Federal Trade Commission has often warned consumers to be wary of advertisements that offer seemingly quick fixes to debt problems.
Problem is not everyone who is in debt needs to file for bankruptcy. While bankruptcy is definitely one of the options to deal with financial problems, it should be tried only if you have exhausted all your other avenues. Not only does a bankruptcy stay on your credit report for 10 long years, it also can make it difficult for you to get credit, a job, or even a house. This is something these shady companies will not tell you. They promise you the sky and then involve you in bankruptcy proceedings. What you can do is try other means like talking to your creditors or contacting a credit counseling service
--
Did you enjoy this post?
Comments
Post a comment
« Credit card debts & solutions | Main | Businesses can get access to consumers' new credt card numbers »
