Jake was deep in credit card debt. And the strain was showing in other aspects of his life although he was trying his best to keep it secret. Even so, he kept his minimum payments up to date. But it was stressful. So he decided to enroll with a debt consolidation service. The company Jake signed up with had been running commercials on TV on a regular basis. They claimed to be nonprofit. With the word nonprofit you can’t go wrong right? Not so fast. As usual with debt consolidation, Jake was required to close all his revolving (credit card) accounts and to not establish new credit for the next three years. Not a problem, he thought: anything to get out of debt. He was also advised to stop making payments to his creditors and start sending payments to the company. The first payment, he was told, would go to…

March 12th, 2010
Money maker
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