Help Getting Out Of Debt: Advice for the Weary
People, for years, have seen the late night commercials for help getting out of debt fast. It is true that some of these companies are in the market to help people find their debt solutions. But, others are in it to make money for them. Unfortunately, for many debt-ridden people, they become so desperate that they will grasp at any straw in the hopes they can get out of the dire straits they are in.
So, Are There Sharks Among us?
Payday loans are the sharks to the poor and defenseless debtors of the world. Payday loan offices come under a variety of monikers. But, make no mistake about it these companies are in business for one reason, the money.
It was only recently that federal, state, and local governments began to look at the help getting out of debt that these sham companies are offering. Often, these companies charge large interest rates on even small debts, and require signing over the rights to property, in the form of a lien.
Sadly, this process does very little for the person in debt. People often come to these places when they are unable to receive help from a legitimate source, such as a bank. The cycle continues until the debtor cannot pay the loan, and they are forced to forfeit their lone means of transportation.
Thankfully, several states have enacted legislation. For example, in Florida that caps the amount of interest that can be charged, how that interest is calculated, and offers the abused debtor some recourse to fight such unscrupulous practices.
What Can I Do If I Have Been Eaten?
First, you should contact your local office of the Better Business Bureau. This organization can help you in getting out of debt. And, they can put you in contact with the appropriate authorities, and they can help you decide the proper course of action for you.
If you still do not feel that you are getting the help you need, you can search the internet for a variety of non-profit and government agencies that are designed to help people in getting out of debt. And, they are often Legal Aid clinics that offer free to low cost legal advice. But, be aware that certain conditions of income and situation may apply to such aid.
The best way to avoid the sharks is to simply not swim with them in the first place. There are a variety of means and ways to successfully find help getting out of debt. There is help and hope out there for those who seek it. Choose to take a stand and get the advantage back from those that are preying on your misfortune.
