3. Never part with credit card information on the phone: A reputed and honest debt management firm will never ask you to provide your credit card number or bank information on the phone. This is because they understand that callers can be impersonated; moreover, the increase in online frauds is reason enough for individuals in debt to be extra cautious when checking out debt management firms. Debt management companies that are acting in good faith will never ask a prospect or an existing client to part with sensitive information of any kind over the phone.
4. Don't believe anyone who offers a deal that's too good to be true - it probably is: Often debtors come across debt management deals that promise to reduce their debt by half in short time. This rarely happens; however, the debtor does end up paying high fees and a substantial upfront amount to the debt management company. Such companies also discourage debtors from communicating with their lenders; this is never a good idea and invariably leads to a negative impact on the debtor’s credit rating. If a debt reduction company promises to offer more than some interest reduction and counseling on getting out of debt and staying debt free, the claim should ideally not be taken at face value.
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