In part one in these series of articles I wrote about potentially shady debt consolidation schemes that you should be on the lookout for. Read on to find out more:….

In the meantime, your creditors are not being paid. Unfortunately, while you are accumulating that payment, you are not paying your bills and you may be delving further and further into more debt.Instead of taking this gamble check out a not for profit credit counseling firm that might charge you only twenty dollars, if anything. Instead of billing the debtor, these non profit counselors will generally get what is called a fair share percentage payment from your creditors after your debts have been paid.

Finally, and most important, do NOT automatically trust in the debt settlement counselor who let's you know that "We will handle everything. You should stop communicating with your creditors." Despite the thought that the idea of not speaking to creditors and ignoring their mail sounds like it could be a real load off of your back, ultimately, it is your debt, your money owed and your credit score at hand. Never send in a change of address form directing all creditor mail to a debt settlement company.

It is key to remember that the creditor is the one with whom you signed your contractual agreement. When all of your statements are being sent to the debt settlement company, you relinquish that control. You do not know how much in late fees and interest are being tacked on. You also will not know if your debt has been transferred into collections.

A few final words of wisdom. If you think you need debt settlement, try debt management first. Get in touch with your creditors and request reduced interest, suspended payment or any other payment terms that may suit your financial situation more favorably. Although it may appear to be a long shot, or a pain, it is always extremely essential if you are about to miss a payment to call your creditor and say "Hey, listen, I am unable to make this month's payment. I'd like to work something out with you.

Rapid Recovery Solution is a commercial debt collection company. Get a totally unique version of this article from our article submission service