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(NAPSI)-Consumers with overwhelming credit card debt may be tempted to seek help from companies that promise to erase their debt for pennies on the dollar, but the Federal Trade Commission (FTC), the nation’s consumer protection agency, urges caution.
Debt settlement companies claim they can negotiate with your creditors to reduce the amount you owe. Some say they can arrange for your debt to be paid off for a much lower amount–anywhere from 30 to 70 percent of the balance you owe.
But there is no guarantee that debt settlement companies can persuade a credit card company to accept partial payment of a legitimate debt.
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John Rogers, Kentucky Bankruptcy Attorney