If youre struggling with runaway debt, be careful who you turn to for help.
Theres no shortage of debt management firms promising rapid solutions to overwhelming debt. Their services typically include bankruptcy advice, formal and informal debt agreements and debt consolidation. Others advertise cleaning, repairing, or washing away default listings on personal credit reports.
For anyone battling high debt this can all sound very appealing. But our money watchdog ASIC has cautioned that debt management firms can pose significant risks to financially distressed consumers.
One of the key issues is these companies can charge high upfront fees for services that dont always deliver much value. Thats a real worry because people facing spiralling d…
Read the full article at: http://www.bordermail.com.au/story/4673248/beware-of-debt-management-firms-fees/