Debt consolidation is not an easy task. If you want to pay back your student loan, beware that there are many debt consolidation scams out there ready to hoodwink you.
There are many debt consolidation schemes in the market. If you are having difficulties in meeting the deadline of your student loans payback schedule then debt consolidation schemes may plague you. But these are not all created equal. Most of the schemes are not exactly schemes but scams.
The Governor of New York has formed a student protection body. The function of this agency is to further look into the undertakings of the field which deals with student loans. Subpoenas have been handed to more than a dozen debt consolidation companies.
They have been guilty of fostering media hype for themselves, charging high rates and making naïve people pay for free services. There are currently over 37 million student loan seekers who have large amounts of debts that are to be paid.
The fact of the matter is that the student loan debt consildation scammers have got it made. They are busy minting money by bamboozling the common people. Students should know better than allow them to siphon off their hard earned cash via fraudulent means.
The Federal Trade Commission has hooked up with the Education Department to issue warnings to these con artists of the highest order. One way to avoid being fleeced is not to give away your personal information. The next step is not to allow anybody to pressurize you into making decisions that you will later on regret.
Fake discount bargains that are offered in a gratuitous manner ought to be steered clear of. You will have to be very careful if you want to navigate the shoals of student loan debt consolidation schemes. They are indeed a queer lot and to separate the wheat from the chaff requires an eagle’s vision.
Source: The Street