Free Debt Management Program
Free Lunch?
No...there's no such thing, remember? Sure, when you surf the Internet, you're going to find an offer for a free debt management program every now and then. But if your gut instinct is telling you it isn't really free, you're right. It's like those commercials you see where you can try a diet pill or some other new miracle prescription drug free for 30 days. Here's how that works: You buy a 90-day supply, and instead of paying the 90-day supply price, you only pay for a 60-day supply. Hence, you get 30 days free. That's not exactly how free debt management programs work, but you get the idea.
When you see an offer for a free debt management program, it usually means some portion of the service provided is free, like the initial in-depth consultation with a debt counselor, or your first month's fee or some other portion of the service. Maybe they offer credit counseling for an additional fee, but you get it for free with their offer. Moral of the story: recognize the industry for what it is but certainly take advantage of any portion that is legitimately free debt management.
Do I Get What I Pay for with a Free Debt Management Program?
That all depends. When you look for a free debt management program, you still have to check out the company you choose thoroughly. Make sure the company and its counselors are nationally certified and accredited, make sure they've been in business for a long time (bearing in mind the debt management industry has only been around for 10 or 15 years) and make sure they have a physical street address. If a company only has a post office box, that's a red flag. It doesn't hurt to make sure a company that's been in business for a long time has also been at the same physical street address too. Moving around a lot could indicate suspicious activity.
Once you find a good, solid debt management company offering a free debt management program, they'll likely provide the same services as any other debt management company. A counselor will walk through your finances with you to see what your situation is, then recommend the right debt management program for your situation. He or she will explain what's free and what's not during this session. Once you agree on a plan that works for you, the debt management company will implement it for you. They might also suggest that you get some credit counseling, whether it's from them or another source. Who knows--that may even be part of their free debt management program!
All material copyright © 2008 About Debt Management. All rights reserved.
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