With so many Americans in debt, it is no wonder that companies who promise to take it all away are enjoying a booming business. Some studies show that up to 56% of Americans suffer from some kind of debt. Many of these people are overwhelmed by the burden of debts they cannot pay. Creditors are knocking on their doors and the bank is taking a look at that unpaid mortgage.
The frightening thing is that there are plenty of companies who prey on those who are overwhelmed with their debts. These villains are called Predatory Lenders. They lend out money but on terms of very high interest rates, among other fine print details.
There are many helpful tools for avoiding such predators. Americans for Fairness in Lending has a great site with many tips for avoiding the scam. They also explain various kinds of loans and what all the technical terms mean. Don't be fooled. Check out their website.
If you are already in debt and are looking for a way out, get help immediately. Find a Debtors Anonymous group near you by emailing them at da-gso@mindspring.com. You can also visit their website at debtorsanonymous.org or mail them at letter here:
Debtors Anonymous, General Service Office
P.O. Box 920888
Needham, MA 02492-0009
If you live in the Northwest Georgia area, Hope would be glad to help you get out of debt. Heather and Travis are currently working on a financial literacy program and would love to walk through it with you. Please contact the Hope office for more information.
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