Need a Debt Management Service? Be careful who you hire.
With personal debt higher than ever before many debt management companies have emerged, offering a basket of services. Although it may be a service in demand every person should be careful when selecting this type of service provider. This article in Financial Post elaborates on some of the common issues with debt management companies.
“It’s not just personal debt that has climbed to record levels. The companies offering to help you with massive debt are also proliferating.
Call them debt-settlement agencies, debt-solution providers or whatever you want. Their names are plastered on bus shelters and newspapers and call out of over the airwaves and the Internet. Unregulated, it’s almost impossible to get a true sense of how big the industry has become but based on the amount of advertising dollars being spent it’s growing.
“This was a nonexistent category and companies have sprung up. Companies and services spring up because there is a consumer need and you have to tell consumers you are offering the service,” says Sunni Boot, chief executive of Zenithoptimedia, adding the top advertiser in the category is estimated to have had a 10-fold increase in spending over the past year…”