Top 3 tips for choosing debt companies -

Do you need help getting out of debt?  You may want to look at debt companies as a solution.  A good one will have a lot of experience and knowledge in what could be the best way for you to get out of debt.  That being said it is wise for you to do your own due diligence before hiring one.  With the economy still lagging there are still a lot individuals and families out there who are having a tough time financially which has created an environment for scoundrels to come out of the woodwork and take advantage of those people.  Make sure you’re not one of them.

Here are a few of the top resources to look at when choosing debt companies.

1.  Better Business Bureau

The Better Business Bureau is a great place to start when examining which debt companies make sense to consider.  They offer impartial business reviews with an A-F grading scale based on customer complaints. They also offer constantly updated scam warnings to help avoid becoming a victim.  They have been around since 1912 doing the same thing and it’s free for you to use.  You can access them anytime at bbb.com.

2. Yelp

Yelp has become a juggernaut in the personal business review space online.  Companies are posted, recommended or  posted by the business owners.  The consumers of those companies are invited to explain their experience with that specific business.  Good, bad and everything in between is accepted.  They have a metric system ranging from 1 - 5 stars.  5 stars being the best.

3. Referrals

One of the best ways to find debt companies that are worth their salt is by asking your friends or relatives.  In these challenging times quite a few folks have sought assistance to get them back on track financially.  Ask around and see what you find out.

Pitfalls

When choosing debt companies there a few pitfalls you should watch out for:

-  How much are they charging and when are their fees due?

If you opt for debt settlement most states require the debt company to wait until after they have successfully negotiated the debt before they can receive payment for services.

-  How bad will there strategy hurt your credit score.

There are several strategies that debt companies can use to help get you out of debt and each have their own unique consequences.

Overall a good debt company can be of great service but unfortunately there are some bad apples out there.  Getting out debt can be such a relief but it typically requires a little wise searching.  Best of luck!