The credit counseling companies had set up a payback plan would be that the average American of the debt in 10-15 years. This plan failed miserably. Nobody has ever received from the debt using a credit counseling plan. In fact, the plan were joined in the same amount of the debt 10 years later. Credit counseling had failed. So the federal government steps in again.
The federal government paved the way for debt consolidation companies to join the mix. Debt consolidation allows you to take out a loan using your equity for all of your debt to join a lump sum loan with one payment. Sounds great right? WRONG!
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