It’s 3:00 in the morning and you can’t sleep. It’s the anxiety and stress of your credit card bills; what’s been paid, what hasn’t, the enormous amount of credit card debt, the reality that you owe more than what you make. It’s just driving you crazy.
If your struggling with credit card debt, then you’ve probably have thought about seeking out the assistance of credit card debt elimination services. For an upfront fee of $2,500 or more credit card debt elimination services try to sell you on their program that promises to wipe your slate clean. Sounds too good to be true, doesn’t it?
One way credit card debt elimination programs pull you in is by claiming that you can erase away debt through the use of hidden or obscure laws. Many debt elimination services will allege that credit card lending is, in fact, illegal. Referring to publications by the Federal Reserve Board, the Truth in Lending Act, and other public laws to support their claims, they maintain that if you stop paying your debt, the credit card companies will take you to court. Since credit card lending is illegal, they conclude that you will win.
Is this a scam or is it for real? To answer this question, you have to ask yourself several questions.
First of all, if credit card lending is illegal, and if there was a loophole that could eliminate your unwanted debt, wouldn't a lawyer would be aware of it? If so, then the best course of action would be to get counseling from an attorney. Second, would credit card companies make it so easy to borrow money if it was so easy to get out of paying them? Third, do you really want to go to court to fight the credit card companies with a weak defense while they have an entire team of slick lawyers that know the law? Lastly, what proof do these credit card debt elimination companies have that their scheme works? Is there a legal precedent that supports the notion that credit card lending is in fact illegal?
As tempting as it sounds, these debt elimination techniques simply do not work and the con artists cannot provide a single solitary case in support of their outrageous claims. The absence of any verifiable proof is the red flag that tells you this scheme simply doesn't work. A lot of folks have been conned out of $2,500 to $15,000 just to have their debt wiped away.
If you have become the victim of a debt elimination scam, it is important that you report it. You can bring scam artists to justice and prevent others from becoming the victims of fraud.
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