Debt Management Company vs. Debt Relief Agency

“There is no quick way of making money.
People come to you with tips for the races
or offer the latest Ponzi scheme, but I can see them coming a mile off.
I just go with the adage that if it sounds too good to be true it probably is.”
Wilbur Smith

We all know that old “if it seems too good to be true…” adage but those debt consolidation and debt management commercials are so convincing. They seem like nice people who really want to help you out of your financial jam, don’t they? But before you throw Wilbur Smith’s cautionary quips to the wind and call that 800 number, let’s talk about what you may be getting yourself into.

First, what’s the difference between a debt consolidation or debt management company and a debt relief agency? Debt management companies spend lots of money to attract debtors because it’s a very lucrative for profit business. Debt management companies promise to help reduce monthly payments, but exactly how do they plan to do that? (We’ll talk about that too).

A debt relief agency uses licensed and bonded attorneys to make use of provisions within the law that can protect and provide relief for clients who find themselves in deep financial trouble. Debt relief agencies (such as Grand Law Firm) can explain your options and help you formulate a practical plan without making unreasonable promises.

Here are a few things you may not have known about the debt consolidation company that wants to help you “manage” your debt.

Did You Know?

  • When you work with a debt management company, you are still vulnerable to creditors. Imminent collections, garnished wages or other harassment efforts are not stopped.
  • Did you know about the upfront fees? So now instead of paying off debt, you will very likely be paying the debt management company first. What may seem like a step forward could be two steps back.
  • Scams abound in debt management industry. Some take your money and your creditors are never paid. Again, moving your finances in the wrong direction.
  • Many people are disappointed at how long it actually takes to repay debts through a debt management organization.
  • Did you know your credit may be restricted or completely cut off during your repayment period with debt management companies?

Choose Debt Relief Over Debt Management Or Consolidation
We will not try to candy coat the facts of your situation. Dealing with the complexities of out-of-control debt can be quite an undertaking. That’s why it’s important to put experience on your side. The debt relief attorneys at Grand Law Firm in Baton Rouge and New Orleans offer real help to our clients.

Let us show you your options and help you create the best strategy to reach a successful financial future. Contact our office at (504) 608-5208.

Feel free to contact us online anytime. The relief you need could be a phone call or email away. Contact us today!

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