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Dealing with debt after the holidays

It is not uncommon for Americans to run up debts during the holiday season. Buying and sharing gifts among family members and friends occurs everywhere. Parties and dinner and special events, such as a night out in the city to see a show or concert, or even travel to see family members or go on vacation, can all add up rather quickly. When you look at your depleted bank account or see the bills start coming in the mail in January, you may begin to panic.

If you let these bills lapse, it isn't uncommon to start to receive mail and phone calls from debt relief providers. The type of debt relief providers out there varies greatly, but they can be of help if you choose wisely. The first thing you should do is make certain that the company is legit. This can be done by consulting with the database of approved credit counseling agencies. This can be found and is monitored by the United States Department of Justice. There are always scam artists out there, so doing your research is crucial.

Once you have found a group that may be able to help, you should make certain to protect yourself. This can be done by learning clearly what services the company is going to provide, getting all the information in writing, having a clear understanding of exactly what fees are associated with these services and reading the contract in full before signing.

You may want to get more information about bankruptcy law and debt relief to confirm whether the contract you are about to enter is fair and in your best interests. Failing to do so could cost you money and put your already struggling finances even deeper in the hole.

Source: findlaw.com, "How Can a Debt Relief Provider Help Me With Debt?" Accessed Dec. 27, 2016

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