As many struggle to make ends meet, Local 4 has learned how certain debt consolidation companies may be preying on those looking to cut down their debt in Metro Detroit.
The Better Business Bureau is now working with Help Me Hank to expose this problem and show you how to protect yourself.
They’re calling, texting, sending letters working to get your attention, and making offers that sound too good to be true because of the challenging economic time’s debt consolidation companies are booming.
They’re reaching out to millions of consumers, offering to help.
Some of these companies offer incredibly low-interest rates and minimal fees upfront but take a moment to read the fine print, and you’ll realize it can be a bait and switch.
A promise of five percent turns into 25% after a promotional period ends. And some people are learning too late.
So what you can do to protect yourself if you’re looking for a debt consolidation company is do your research, read reviews, talk with those who have used the company, understand all the terms of the deal, and ask a financial expert for input before signing on the dotted line.
Watch the video above for the full story.
