Credit Canada Helps Warn Canadians With Its Consumer Alert

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Leading credit counselling organization warns consumers about suspicious debt settlement firms

Credit Canada has released a statement on its website helping to spread the message of the Ministry of Consumer Services. The Ministry is warning consumers to exercise caution when considering a contract for debt settlement services.

There are many debt settlement services out there that may potentially cause customers to spend hundreds, if not thousands of dollars in service fees, exacerbating their already burdensome financial difficulties.

Many people have already complained about companies that offer debt settlement services, and the number of complaints is steadily increasing. The type of complaints registered include:

  •     Unclear or misleading contracts
  •     Excessive fees
  •     Failure to reduce debts as promised

Consumers can learn to be wary of these damaging and/or possibly fraudulent firms by examining the wording and marketing tactics they use to draw in customers. For example, these unsavoury firms might market their services as “debt settlement,” “debt management,” debt arrangement,” “debt reduction,” or “debt consolidation companies.” They may also tell potential clients that they can reduce the amount of debt they owe to their creditors.

Credit Canada, the top not-for-profit credit counselling organization, along with the Ministry of Consumer Services is urging Canadians in need of debt management help to thoroughly do their research before deciding on a debt solution option.

About Credit Canada
Credit Canada helps people deal with immediate debt problems, as well as offering longer-term debt and credit solutions. Equipping people with the skills they need to manage their finances intelligently over time, Credit Canada’s aim is to provide Canadians with debt and credit education that will last a lifetime. Credit Canada is a member of the Canadian Association of Credit Counselling Services (CACCS), the national voice for not-for-profit credit counselling in Canada.

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