Finding a Decent Debt Consolidation Agency
A Credit Article Contributed by Mark Mcclelland
Finding a Decent Debt Consolidation Agency
Debt Consolidation Agency - Why a debt consolidation agency?
The Need for a Debt Consolidation Agency
The reason that there's a need for such a thing as a debt consolidation agency at all is only due to the fact that we can't seem to shake loose of our habit of whipping out that credit card every time an ad for the next newest gizmo pops up on our 60" wall mounted TV.
The mountain of debt we're burying ourselves under is being fed by ads that tell us we can't live without this newest exercise machine, that our hair will be silky and smooth if we use that shampoo, and that people will love us if we subscribe to a dating service. These ads are all over the place; they advertise so much on both TV and the Internet that they've become the high tech version of junk mail.
And the claims of the debt consolidation agencies are the worse, hitting us where we're most vulnerable - our pocket books. They claim that you can save thousands of dollars, enabling you to buy all the things you deserve, to live the lifestyle you deserve. They say you have a right to be debt-free and they can help you see your dreams come true.
But these claims couldn't be farther from the truth. The credit counseling and debt management industry is rife with scandals, rip-offs, scams, shysters, and hustlers. While there are indeed a few good companies out there, there clearly too few to meet our needs. The entire industry is a fertile field for theft and deceit, and the sad part is that these companies extract fortunes from the very folks that are least able to afford being cheated, people already up to their eyeballs in debt and who're simply looking for someone to help guide then back to firm financial ground.
Who're the Typical Targets of a Debt Consolidation Agency?
People with really serious financial problems are they most likely to come under the spell of these shysters, and they're doing so in record numbers. Over ten million consumers looked into using the services of one or more of these agencies last year, and the annual rate in increase in those using these services grows at about a million new targets a year.
Since the economy doesn't seem to actually be going anywhere - well at least not in terms of recovering any of the 1.9 million high paying jobs that've been lost and not replaced in the last 4 years - and with consumer debt increasing annually at a staggering rate - currently running at about $1.6 trillion (that's with a T), people are looking for any port in the storm that'll help them get back on their feet, and get their financial life back under control.
And the sadder fact is that once back on their feet, few of them will have learned their lesson; most simply return to their old spending habits, buying what they don't really need with an intensity that defies reason - and it really doesn't get any better that that, does it?
However, Not All Debt Consolidation Agency's are Bad
Surely, you might say, there's got to be at least one good debt consolidation agency out there, isn't there? Well, of course there is, in fact they a quite a number; the problem is that they're not easy to find, what with the near constant barrage of come-ons from the scammers and cheats. To be sure, many agencies do indeed come to the assistance of the debt weary, and have helped them turn their financial lives around.
These are the agencies that actually take an interest in their clients' wellbeing; they're usually staffed by financial experts that often work pro bono, providing as much guidance and help as they can to help consumers who've fallen prey to the "he who has the most toys wins" mentality. A good debt consolidation agency will help develop a detailed, personalized debt re-payment plan, often in face-to-face meetings.
They'll provide whatever free information and financial education they can to help you build the skills and knowledge base to keep you out of debt in the future.
If you're interested in finding a good debt consolidation agency, you might want to look into some of the various Consumer Credit Counseling Services, or other agencies that are members of the Association of Independent Consumer Credit Counseling Agencies or the National Foundation for Credit Counseling.
