New York, NY, April 10, 2007 --(PR.com
)-- Legal debt elimination and cancellation market in the US has been badly hit by unscrupulous and bogus claims of some debt elimination companies.
Studies have shown that many consumers who have been overwhelmed by debt are left with no choices but to seek any means which are available to help eliminate or to even reduce their debt.
“The good rule of thumb when seeking debt elimination advice from these commercial debt reduction companies is this: if they sound too good to be true, then it probably is,” says the owner of the portal and financial expert, Paul Moss.
According to Paul’s experience, some debt elimination companies claim that they can eliminate a customer’s debt completely without any payment from the customer clear the debt, all which can be done without any repercussions.
“Some of these debt elimination companies claim that they were based on information from Title 15 United State code of the section 1692 and so on. But in reality, why would any credit card company extend your credit, knowing that it is illegal under the federal law that forbids that?” comments Paul.
He also adds, “What is missing now is this. You need to educate yourself on some of the things you can do to help and ease yourself from the burden of debt. You should learn how to manage your debts.”
“For instance, everywhere you turn, you would hear or read about FICO credit scores. Good credit score will determine whether you’ll be approved for credit or mortgages, installment loans, interest rate received on those loans and sometimes in some cases, it might determine the job offer you are hoping for,” says Paul.
“If for some reasons you are struggling to payoff your debts, then you should prepare yourself on how to avoid debt elimination & reduction scams, checking debt elimination companies background, best strategies to eliminate debt and avoid filing bankruptcy, finding good debt counselor and etc. This is where my site was put up to fill in those needs,” he also adds.
Part fun and enlightening, the portal at http://www.mydebtelimination.info provides excellent articles, news, tips and even videos which cover many financial aspects of unsecured debt elimination management and legalities, debt cancellation tips, credit repair, credit card management, fraud cases, debt cancellation via bankruptcies and much more.
Paul Moss is the owner of MyDebtElimination.info. For more information about debt management tips and how you can reduce your debts, please contact Paul Moss at http://www.mydebtelimination.info