Frequently Asked Questions about Debt Diary

How do I recognize and avoid scams?

Using the free referral service of Debt Diary is one surefire way of avoiding falling prey to a debt consolidation scam. If you must search elsewhere, however, here are a couple of tips to help you recognize the ones you need to be careful with:

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• Claiming the impossible: If it looks too good to be true, then it probably is. Credit counseling services that claim to be able to erase your debt or to be in possession of techniques that are secret are likely out to make a quick dollar off of you without giving you a single shred of support in return. Be wary and again, do your research before singing anything with them.
• Upfront Payment Demands: Any legitimate debt consolidation service will get to know you and your debt situation before asking for any payment. Those services that claim to be able to help you without even looking at your situation first are scamming you and should not be trusted.
• Non-Profit or Religious: While there are many non-profit and religious debt counseling services that are legitimate, using those two terms is a favorite tactic of cam businesses. Ask for information about their non-profit status and think twice about going with a service just because they claim to be religious. Do your research on the Internet before signing a contract.

Is Information Submitted Here Secure?

Yes. Some of the best technologies available on the Internet are used here to keep the information of our customers secure. You can shop our network in complete security and safety.

How much do debt counseling services cost?

That depends on what service you go with and what recommendation they give to you. In all cases your fees should be spelled out after the initial evaluation of your credit and debt situation is assessed and the company knows exactly what they can or cannot do for you.

Does debt consolidation hurt my credit score?

Not likely. Since debt consolidation typically means exchanging one amount of debt for an equal amount of debt, the net effect on your credit rating is usually zero. For example, if you have a $5,000 car loan and open a new credit card account with a $5,000 limit and use that to pay off the car, then all you still owe is $5,000. This should not affect your credit in any way.

Will I have to use the recommended service of the counselor?

No. You can choose your own level of service or none at all based on any factors you choose. If you speak with a debt counselor, for example and they recommend debt negotiation to you, and you were hoping to try debt consolidation, you should explain your situation and your reasoning to them, and perhaps they will be willing to work with you to explore that option instead. Under no circumstance should you proceed with a debt consultation service if you are uncomfortable with the option or the results you think you will get.