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Debt relief promises: Too good to be true?

Posted: 6:31 PM, May 14, 2018
Updated: 2018-05-14 22:31:55Z

They come in the mail all the time.  Offers from debt relief and debt settlement companies promising to cut your monthly bills by reducing the amount you owe on loans and credit cards.  They sound almost too good to be true - so are they?

"We hear about people getting taken advantage of all the time by debt settlement companies," said Noel Carter, Chief Administrative Officer for Consumer Credit Counseling Service of Buffalo.  Carter said very often debt relief companies fail to tell participants about the fine print, which can include additional tax liabilities, legal consequences, numerous fees and a reduced credit score.

7 Eyewitness News Reporter Ed Reilly talked with disabled veteran Joe Morrow from Depew.  Morrow ended up going $62,000 into credit card debt after getting cancer and being unable to return to work because of his medical conditions.  The Depew man tried to use a debt relief company based out of New York City, but the results put Morrow into a worse financial situation then when he started.

Hear what happened to Joe Morrow in Ed Reilly's report.

As a non-profit agency, Consumer Credit Counseling Service of Buffalo is available to help anyone who is struggling paying bills or becoming delinquent.  A $25 fee is charged to meet with a counselor who will provide options and alternatives.  There is no requirement to take recommendations.

You can contact the Consumer Credit Counseling Service of Buffalo at (716) 712-2060 or by email at cccs@cccsbuffalo.org.

 

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