Debt relief is becoming a major concern for many Americans as consumer debt continues to spiral out of control.The recent credit crises that took place at the end of the Bush administration and carried over into the Obama presidency was the result of two decades of reckless spending and the American consumerism attitude. Not only was being in debt common but it was actually encouraged by the government and businesses alike. Well now being in debt is not so cool. Consumer debt is at an all-time high and American's need to know what they can do to get out of debt. One of the most popular outlets to get out of debt is to hire a professional debt settlement company.
Before signing any contract with a debt settlement company, make sure you ask the following questions:
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* Make sure that the debt settlement company is a member of The Association of Settlement Companies. If they are not, I would strongly recommend to not doing business with them. Being a member of The Association of Settlement Companies means that the debt settlement company has been evaluated by an independent governing board and has passed the performance and ethical standards test. A legitimate debt settlement company will take the time to apply and be a member of this organization. The process is rather selective but being a member of TASC ensures that the company is legitimate.
* Make sure you ask how much the service costs before you sign a contract. You need to make sure that the debt relief program is affordable and fits within your monthly budget. A debt settlement company should provide full disclosure and let you know how much they will charge you for their service.
* You should ask the debt company if they belong to the local chamber of commerce. This type of affiliation will ensure that the company is legitimate and has been doing business by ethical standards.
* Does the company offer any type of service guarantee? If they do not offer a guarantee and are unable to settle your debt for an acceptable amount they should have a refund policy in place. Stay clear of any debt settlement company that promises a guaranteed settlement but has no refund policy in place. Upon enrolling in a debt relief program your credit score will take an initial hit but will get better relatively soon, say within a year. This is a trade off for being given a substantial debt settlement and not having to file for bankruptcy. Most people are willing to take this trade.
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