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Debt consolidation may be an alternative to questionable interest-rate reduction companies
By Marvin Milner on Apr 25th, 2010
In dealing with credit card debt, consumers may investigate a variety of programs, although they should be mindful of scams.
The Federal Trade Commission has issued a warning regarding firms using robocalls to claim they have special negotiating power with credit card companies. Often, the organizations making these offers will ask consumers to pay fees before they start their negotiating services to lower interest rates.
"The FTC says that the companies behind these robocalls can't do anything for you that you can't do for yourself - for free," a consumer alerts from the commission said.
Rather than fall for these firms, some consumers may consider other options to lower how much interest they pay. One they may consider is debt consolidation, which can take multiple high-interest credit cards and roll them into one payment with a lower rate.
Doing so not only makes it less expensive to pay off bills, it may also allow consumer to reduce their credit card debt at a faster pace. Saving money on interest payments can also free up funds to pay off other bills.
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