For better or worse, debt fuels the engine of the modern economy, with Americans holding a collective $17.05 trillion in the form of mortgages, credit card charges, loans and more. But when you take on more debt than you can handle, it places shackles on your future and a target on your back for scammers.
Usually, these bad actors disguise themselves as legitimate debt settlement companies (or “debt relief” companies) and offer to negotiate with your creditors on your behalf to reduce how much you owe. CNBC Select explains how debt relief scams work, how to recognize them and what you can do to avoid becoming a victim.
How debt settlement scams work
Typically, a debt relief scam begins with someone reaching out to you with a promis…
Read the full article at: https://www.cnbc.com/select/how-to-avoid-a-debt-settlement-scam/