Look Out For Debt Reducers
By TOM MONAHAN
Updated 8:42 PM EST, Tue, Jan 6, 2009
Connecticut Attorney General Richard Blumenthal and several state lawmakers say people facing foreclosure or those in over their heads in debt should be on the lookout for so-called debt reducers. These are people, or companies, that promise to stop foreclosures and save homes, reduce mortgages, and erase credit card debt. They also say they'll eliminate back tax obligations and rehabilitate bad credit histories.
Erin Kemple, executive director of the Connecticut Fair Housing Coalition, says the scammers employ numerous tactics in luring in unsuspecting, but desperate, citizens.
State Senator Robert Duff and Representatives Kenneth Green and Ryan Barry are proposing legislation that would clamp down on phony debt reducers. And Blumenthal says consumers should be especially wary of deals "too good to be true" that demand upfront or advance fees.
First Published: Jan 6, 2009 6:52 PM EST
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