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How To Spot Debt Consolidation Crooks And Thieves For A Safer Financial Future

By: Gen Wright

Come one, come all, it’s time to see the show - such a carnival huckster type way of doing business, yet it’s exactly the kind of attitude displayed by those in the financial services sector. What is wrong with this picture?

Well, let’s break down the term: financial services - “financial,” meaning with relation to your budget, income, debt, spending, and saving; “services,” meaning a helpful skill provided for your benefit. In other words, a financial services provider is like a doctor for your money when it gets sick.

You wouldn’t want to visit a doctor that didn’t want to do anything but sell you costly and unnecessary surgical procedures, would you? If stories were rampant about that sort of thing, you’d better believe every person in the world would be doing their research before going under the knife. Yet many people in financial trouble don’t treat their money with the same tender love and care.

If you want a healthy relationship with your financial services provider, here are five questions you need to be asking:

How long have they been in business? This one should be easy to figure out. Simply visit the website, and back up your findings with an official government entity such as your country’s business bureau.

Is there a sense of urgency? You should never feel like you are being sold a used car when what you really need to discuss are options such as, “Is debt consolidation right for me?” Yet many disreputable companies and lenders subscribe to the Always Be Closing school of thought.

How do they compare to other debt consolidation loan specialists? Can you get a better rate elsewhere? Like the old song says, you’d better shop around. No one wants to be a dupe, and if you just sign your life away at the first offer, then that is exactly what you are. It’s worth the headache to do your research and compare rates.

Are they unwilling to help you explore your options? A good financial advisor or institution will understand that a long-term relationship is worth much more than short-term gain. He, she, or they will want to do right by you. That means that if a debt consolidation loan will benefit them more greatly in the short term, but it could damage your savings for some time to come, they will steer you towards other options.

Are they transparent lenders? Do they tell you what you are in for upfront? Too many disreputable companies and lenders will try to sneak their nefarious plans in for hidden fees, excessive refinance charges, and other forms of predatory lending designed to keep you in debt for much longer than you ever should be. Pay attention to what they are trying to sell you. If you have a clear understanding before you sign on the signature line, then you have chosen wisely.

Before you make a long-lasting financial decision such as debt consolidation, consider the source. And don’t make a move without finding one you can trust!

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