Ohio residents who are mired in debt can find themselves the targets of scams that promise to repair their credit and negotiate their payment obligations. Desperate people tend to latch on to anything that promises to help them out of their predicament. However, falling for one of these debt relief scams can only wind up costing you more of your hard-earned money.
These scammers look for consumers who have run up huge credit card bills. They may send fliers in the mail or "robocall" their victims. They promise to negotiate lower settlement amounts to creditors -- for a hefty fee, of course.
What many indebted consumers fail to realize is that these companies can't do anything that the consumers wouldn't be able to do themselves. All consumers are free to negotiate their debts with the companies and arrive at a lower settlement.
Others promise to remove adverse information from debtors' credit reports for a fee. The way to remove a black mark on your credit is by paying your debts. There is no magic solution these companies can offer.
Often, the best course of action out of the morass of unpaid debts is to file for Chapter 7 bankruptcy. Yes, it will leave a blemish on your credit report, but you have that now, without resolving your situation. By filing for Chapter 7, you get the chance to start over again with a fresh slate.
You will have to undergo mandatory credit counseling, which will hopefully leave you fiscally wiser and better able to live within your means. Learning more about your options under Chapter 7 can help you make the wisest decision regarding your financial future.