I have read a lot about the federal debt reduction initiative and I must admit none of it has been good. From everything I am seeing, they are trying to separate you from your money. This tends to be more of a problem when people are looking for help. It seems like there is a scammer ready to tell you what you want to hear and take your money and run.
There is no such thing as a federal debt reduction initiative. There are no government agencies that are going to help your get out of debt, but there non profit credit counseling companies and debt settlement services that can help. But if an organization is trying to appear trust worthy, it always sounds good if they sound like they are affiliated with the federal government.
If you have debt, you are going to have to decide how you want to manage it. But if you are going to seek help, make sure you know who you are doing business with. Find out what the BBB has to say and also see what the forums are saying. Just because someone has a complaint against them does not mean that they are dishonest. These orgainzations are in an unpleasant business and they are not liked by all their clients. This be cause for someone to issue a complaint. Any company that is reputable will make the effort to find a solution that is acceptable to both parties.
A nonprofit organization is a good alternative. Rarely would a scammer go the nonprofit route. Keep in mind that just because they are nonprofit, that does not necessarily mean they are free. They do have expenses and need to make money to cover them. Credit counseling companies usually charge a setup fee of about $50 and a charge of $30-$50 every month. Look elsewhere, if the company is trying to hold back your first month payment. If you offer the federal debt reduction initiative, check it out carefully.
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