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Know The Difference: Scams, Credit Counseling & Bankruptcy

Scams: Ads that tell you... “You can get out of debt with no payments and without filing bankruptcy”.... are a scam. They promise to get you out of debt....but instead....they just steal your hard-earned money....and leave you even deeper in debt or...as they say...even more in the "red". Present   The Promise   The Result     Interest     Debt       No  Debt   Even More Debt   Credit Counseling Re-Payment Plans: Credit counseling organizations promise to get you out of debt, .....but all they can do....at best.... is lower your interest a little on credit cards....and then only some credit cards. Present   The Promise   The Result       No  Debt   Interest     Debt   Less Interest     Debt   Bankruptcy: Others ads promise, but only bankruptcy delivers. Only bankruptcy can actually gets rid of debt. Disclaimer: Example concerns non-priority, unsecured debts, like medical bills and credit cards. Result shown assumes a Chapter 7 bankruptcy filing, and no excess equity or excess income. Want a more in-depth comparison between credit counseling and bankruptcy?  (Click here.) Present   The Promise   The Result     Interest     Debt   No  Debt No  Debt