3 Simple Ways to Spot A Debt Relief Scam

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How to Spot a Debt Relief Scam

3 Simple Ways to Spot A Debt Relief Scam

Ohio residents who are stuck in a cycle of credit card debt are becoming prime targets for debt relief scam artists who know exactly which buttons to push. One thing that works in their favor is the fact that their victims are already very desperate, and they tend to believe the false promises on the slim chance it will rectify their situation.

Of course, Ohio residents should know that they are not getting any debt relief from these swindlers. Instead, they will only dig themselves a much deeper pit to escape from, especially when they pay the upfront fee with nothing to show for it.

According to the Federal Trade Commission, debt relief scams lure potential targets by convincing them to hire the services of these con artists into negotiating their credit card obligations to either settle or reduce the amount. They charge the victim with a "service fee” or "representation fee" or any other variation and of course, they don't follow through with their promise.

The government has, time and again, warned the public against falling victims to these debt relief scams but there are still some who were defrauded probably because of their desperation to get out of their situation.

Here are just some simple ways to spot a debt relief scam:

  1. They ask for a large upfront fee
  2. They constantly pressure you with deadlines or scare you of possible jail time
  3. They make big promises such as cutting your debt by as much as 80%

The only way for Ohio residents to get out of their credit card obligations is by filing for bankruptcy, specifically Chapter 7 Bankruptcy. The main purpose of this legal debt relief is to give you a fresh start. Your credit score will take a hit but at least you won’t have sleepless nights thinking about how to pay your monthly dues.

You will have to undergo mandatory credit counseling, which will hopefully leave you fiscally wiser and better able to live within your means. Learning more about your options under Chapter 7 can help you make the wisest decision regarding your financial future.

 

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