What Do You Know About the Federal Debt Reduction Initiative?
I have read a lot about the federal debt reduction initiative and I must admit none of it has been good. There is a good inication they are trying to take your money. When people need help this tends to be more of a problem. It seems like there is a scammer ready to tell you what you want to hear and take your money and run.
There is no such thing as a federal debt reduction initiative. You can use a nonprofit credit counseling company or a debt settlement company, but there is no direct government agency that is going to help you get out of debt. But if an organization is trying to appear trust worthy, it always sounds good if they sound like they are affiliated with the federal government.
If you have debt, you are going to have to decide how you want to manage it. Before you give your money to anyone, take the steps to make sure they are reliable. Find out what the BBB has to say and also see what the forums are saying. A company is not necessarily dishonest just because a compaint was filed against them. These companies are in a business that is not pleasant and not everyone likes what they have to say. A complaint can be filed for this reason. Any reputable company will do their best to resolve the complaint in a professional manner.
A nonprofit organization is your best bet. Rarely would a scammer go the nonprofit route. Do not expect an orgainzation to be free just because it is nonprofit. These companies have expenses and they have to be able to cover them. Debt counseling agencies normally charge a setup of fee of about $50 and a monthly fee of $30-$50 per month. If they are trying to hold back your first month’s payments, look elsewhere. If you offer the federal debt reduction initiative, check it out carefully.
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