How Debt Reduction services scam and ripoff
Kidz candy
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Basically, a debt reduction service promises (for a fee) to help clean up your debt mess by working with your creditors. Usually, those promises come in one of two forms: debt settlement and debt consolidation.

Debt settlement companies take the money you pay them and use it to negotiate with your creditors to reduce or eliminate what you owe. The problem is, they charge way more than you would pay if you just settled the debts on your own.
Debt consolidation companies combine all your debts into one single debt—usually at a lower interest rate. That sounds good on the surface, but they don’t really get rid of your debts. They just move them from one place to another.

The key thing to remember in both cases is that you really don’t need to pay someone else to do what you can do yourself. Believe it or not, you actually have the power to call your creditors and negotiate.
You can reduce your debt yourself by using the debt snowball method. With this debt reduction strategy, you pay off your debts from smallest to largest while throwing everything you have at your lowest balance until it’s gone. When that smallest debt is paid in full, take the amount you were paying on it and throw it at the next debt. Using this process will “snowball” the amount you have to put toward each debt.

The debt snowball method works because it’s about a behaviour change, not math.


Simply put, debt reduction services only delay the inevitable—and they take your money while they’re at it. But you don’t want to just “reduce” your debt. You want to eliminate it. For good! It needs to be gone and out of your life as quickly as possible!

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