The Checkout

Most Credit Counseling Firms Lose Tax Exempt Status

Two years of audits into credit-counseling organizations led to revocations of the tax-exempt status of more than 30 groups. The audits were prompted by hundreds of consumer complaints of deceptive business practices, including high fees, high-pressure tactics and inadequate educational services. For more information, read today's story

By Stacey Garfinkle |  January 13, 2006; 6:55 AM ET Consumer News
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the article says to be wary of ccc firms coz:

"Thus as a consumer, you have to beware! Avoid "debt settlement" firms who promise to completely get rid of your debt within months and who ask for a $3000 upfront fee. These usually turn out to be scams who upon receiving the money will run off from the country, disconnect their phones or set up a new firm under a new name."

legit cc firms will not ask for more than 20$ for setup... so this is a good point to remember!

Posted by: Sumar | April 25, 2006 3:46 AM

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