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Originally posted by theking
Well my friend is now enrolled with a group for addictions. Addictions in general, including gambling. He signed up with a debt relief program, but what they told him sounds a little to good to be true to me. He has eight credit cards in total. The interest rates vary but at least one of them was almost 25% and he was told that they could get that down to 9.9%. Does that sound reasonable? Over all they told him that on all of the cards the interest rates would be reduced, not as dramatically as the one that was almost 25%, but still dramatic decreases in interest rates. He said that he signed up with a non-profit debt relief program, but still has to pay them $6.00 per card for what they call a handling fee. With eight credit cards this amounts to $48.00 but even with their handling fee his overall payment will only be $9.00 more per month than what his minimum payments were to begin with. In addition his entire debt is supposed to be paid off in something over four years compared to the fifteen to twenty-five years it would have taken him without entering a debt relief program. Does any of this sound to good to be true?
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Anyone think the info above sounds reasonable or is it to good to be true? My friend said the debt relief company that he selected is listed with the BBB.