Exploring Debt & Money Management Online

The Internet
The Internet is truly a wonderful innovation. It provides a myriad of information with just the click of a button or two. However, for some unknown reason, when people see what they perceive of as ‘facts’ anywhere on the Web, they take it for the truth. Not so fast! Just because information appears online does not mean that it is true, credible or legitimate.

A perfect case in point is all of the sites advertising debt relief and money management. There are literally thousands of companies, some legitimate, many more not so legitimate. The problem for consumers is that it may be impossible to tell the difference until it is too late. And for consumers who are struggling with mountains of bills and who are anxious about their financial security, old-fashioned common sense often flies out of the window.

Internet Debt & Money Management Sites- Legitimate or Not?
Some online debt and money management sites promise that they can stop harassing debt collection phone calls, consolidate credit card bills and other debt into one manageable monthly payment with lower interest rates and eliminate late fees. Others make even more outrageous claims stating that they can reduce your debt by 70% or restore your financial stability in less time than it takes to file for bankruptcy! These websites all have a myriad of testimonials (who are these people?) stating how that particular debt management company magically erased all of their bad credit. If only it were that easy (and that honest).

The Federal Trade Commission (FTC )has recently filed and won a lawsuit the benefitted almost 300,000 consumers who were victims of deceptive practices in promoting and offering credit counseling and debt management plans. Although the companies being sued were not necessarily online companies, this demonstrates the enormous magnitude of this problem.

Online Help for Debt & Money Management
If you are seeking debt and credit managing strategies online, there are certainly legitimate companies and agencies that can help. Check out websites from the FTC and Better Business Bureau (BBB) to get you started. Also, since there are good and bad companies out there, you need to ask yourselves some important questions before you actually choose one to assist you with your debt and money management troubles:

• Are you a member of TASC? TASC, The Association of Settlement Companies, is the largest trade association serving the debt settlement industry. Any company you choose should be a member.
• What are your fees? A company should charge fees based on performance and results rather than a flat fee. You should also pay the majority of any fees after your debt has been settled.
• Are you paid on commission? Your debt management counselor should never be paid on commission. They should be paid to give you real solutions to your financial situation.
• Do you have a money back guarantee? A legitimate online debt or money management company should be upfront with you regarding their particular refund policies.

If you don’t get straight answers from any online debt or money management online company, trust your instincts and look elsewhere. There are honest and dishonest companies on the web, just as there are everywhere. Do your homework, investigate the companies with whom you want to work, get references from people you know and trust your gut. Don’t fall victim to scams.

We hope that you have found the above information to be helpful. For more help, please take a moment to fill out the form on the bottom of this page to speak with a member of our professional debt consolidation staff. You will be happy that you took the time to secure your financial future.