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Is student loan debt becoming popular prey for con artists?

There is no shortage of college graduates who are facing student loan debt in America, including many people in the Tampa area. Student loan debt is a common problem after people graduate from college, and paying it off can be very difficult. There are also many different so-called “debt-relief” companies that are aware of this and they are starting to discover the benefits of preying on people weighed down by student loan debt.

According to one report, con artists are realizing the great returns they can make from people with student loan debt and are pouncing on the opportunity. These so-called “debt-relief” companies help the victims pay off small portions of their debt, but then cut ties with them without giving them any real relief and charging them for their “help.” With more than a trillion dollars in outstanding student loan debt in the country, it’s no wonder con artists are going after this segment.

One of the tactics that these con artists use is to claim that they can reduce or even eliminate student loan. However, the fact is these claims are simply untrue. Although a person might be able to negotiate a lower interest rate he or she does not need another person or company do that for him or her, and one cannot eliminate student loan debt.

Student loan debt is very difficult to live with. If you are facing financial troubles because of your unpaid student loans then you might want to seek the help of an experienced bankruptcy attorney. Unlike these con artists, a bankruptcy attorney understands how to help a person take positive steps forward, which may require filing for Chapter 7 bankruptcy. If you are in this kind of situation, then now might be the time to contact an attorney.

Source: Forbes, “Debt demons discover student debt,” John Wasik, July 16, 2014.

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