Advertisements for debt counseling, debt settlement and bankruptcy services abound on television, online and in print advertising. While some of these offers are from reputable and ethical debt relief services, many are not. If you need debt assistance, research the service you have chosen carefully. Take the time to do some simple internet searches, and consider consulting your local better business bureau. The easiest way to do this is online at www.bbb.org.  Do your research, and make the choices best for your personal situation. Making a poor choice in managing your consumer debt can damage your credit for years to come, and leave you battling continued debt, financial struggles and more. Debt settlement assistance may well be the best choice for many American consumers struggling with substantial debt.  However, it is important to find a reputable debt settlement company with a proven track record of success.

mortgage and home equity lenders are another financial institution that may prey on worried consumers. If you are shopping for a first mortgage, consult a variety of lenders, or consider using a service that queries multiple lenders online. Review the loan terms offered carefully, and know your own credit well, so that you have a good understanding of the rates for which you should qualify. If you have good credit, be certain that you are dealing with a prime lender, as opposed to one in the sub-prime lending market. Home equity loans can be a practical choice for remodeling or other needs; however, be wary of adding more debt in order to pay off credit cards or other consumer debt. If a lender is offering terms that seem too good to be true, take the time to thoughtfully consider why, and look for problems with the lender or loan. Consider using a local bank with a solid history and good reputation for your lending needs to avoid potential problems.

Personal loans, both short and longer term, are another financial area in which consumers may be taken advantage of by disreputable financial institutions. While your local bank or credit union may be able to provide you with a short term loan to make a large purchase or meet financial needs, many personal loans are processed via unethical and sometimes legally questionable payroll or title loan agencies. While these loans may be easy to get, they can be an expensive and financially damaging option. If you are considering a payroll or title loan because you need assistance with bills, speak honestly with your creditors to set up payment arrangements, rather than taking on more debt and placing yourself in the position of incurring more debt due to extremely high interest rates and penalties.

When looking for a reputable lending or credit institution, seek out one that has a long history and a good reputation. Do not hesitate to ask friends and family for recommendations, choose local banks or lenders, and research the available options. Find out if the institution or agency belongs to the Better Business Bureau or local Chamber of Commerce or other qualifying professional organizations. Offers that seem unusual or too good to be true most likely are. A reputable financial institution or debt settlement service should offer open and honest dealings, and keep all relevant information about fees and interest rates clearly available and in writing.