GREENSBORO, N.C. — Debt. Most of us have it and would like to get rid of it.
There's a video going around on social media and it promises to help you get out of debt.
Video from Debt Elimination Center:
I just got a payment of $17,000 directly to my credit card thanks to the National Debt Association which recently approved a new debt program for anyone who has over $10,000 in credit card debt….
“It’s simply not true. It's a scheme to have folks call and talk to this credit debt relief company. I actually called it myself and they walked me through their process,” said Scott Braddock of Scott Braddock Financial.
The debt relief help process consists of you stopping all credit card payments, so the company can then negotiate on your behalf with your credit card company. That right there should make you nervous no matter how many times the company tells you they can make your debt go away.
“This often destroys your credit for a very long time. Instead, do the tried and true methods first, simply communicate with your credit card company. Let them know you're struggling and falling behind and see if they can't lower your interest rate,” said Braddock.
The Consumer Financial Protection Bureau put out a warning about debt settlement and relief services. It takes you through the process and pitfalls and goes as far as to say you should avoid any business that touts a new government program to bail out personal credit card debt.
Sounds like the video at the beginning of this story, right?
Don't fall for it.