Phoenix, AZ (PressExposure) June 03, 2009 -- Some people are looking to settle on their credit card debt, but arenât sure how to how to go about it. There are many debt settlement companies out there that specialize in settling credit card debts, but sometimes it can be difficult to determine if itâs legitimate or not.
Some of them are reliable and reputable; others are nothing more than shams and frauds that just want your money. Youâll still be sitting with a mountain of debt while theyâve moved on to their next victim.
One way you can be sure you are getting a good deal is to do negotiate your debt yourself with help from sites like [http://www.usfinancialfreedom.com]. If you are thinking of going this route, there are some things you need to know before you commit to a debt settlement company. Here are 7 tips you should take heed of prior to picking one:
1. Within the debt settlement industry, there is a trade association called TASC or the Association of Settlement Companies. This association works with its members so that they will be in compliance with the standards and rules of the industry. If the company you want to use is not a member, then find another debt settlement company.
2. You need to know up front what kind of fees the credit card debt settlement company will charge you. Some of them charge one flat fee. This flat fee is determined as a percentage of your total debt cost. Some of them get this fee each month. They even get it when no settlements have been finalized. The fee should be connected to the result of the settlement and not as a percentage.
3. If you want to know about money back guarantees, they should be at least being good for 30 days. If it isnât then donât accept the agreement. Donât allow the debt settlement collectors to talk you into something less than 30 days.
4. If you ask about commission and they tell you yesâwatch out. They might try to railroad you by charging you exorbitant fees. Forget it and move on.
5. When dealing with credit card debt settlement companies, your credit will be affected negatively. If you ask and youâre advised otherwise, then thatâs a red flag to not do business with them.
6. Asking how long it will take to finish the credit card debt settlement is like asking when you will stop growing. No one knows the answer to that, and the collectors donât know the answer about time frames. If they tell you otherwise, theyâre lying just to get your business.
7. When you ask about your first settlement, they should tell you that it should be done within 12 months. Anything longer than that is a lie and a fraud.
Once you get these questions answered, you should have enough information to determine whether or not you will select them to represent your credit card debt settlement. You can also check with your local consumer division as well as the Better Business Bureau to see if they are legitimate or have numerous complaints against them.
Itâs better to be informed and educated up front than wait until later to get scammed.
Debt settlement can have a positive impact in your life. If youâre tired of sweet smoke and promises, get the facts about debt settlement at [http://www.usfinancialfreedom.com]