Saturday, June 19, 2010
New York Times today takes a look at what appears to be a parasitical industry of the worst order: "Debt settlement" firms that promise a credit fix but end up preying on poor folks at a time when they need help most.
The financial and foreclosure crises have left more people relying on credit cards than ever, after loosing their job or even their house, pulling them deeper into a financial ditch. But the crisis also nailed down the need to educate all Americans on how to handle finances, build wealth, and improve their credit effectively. With all financial ventures, knowledge isn't just power, it's protection.
While it can be easy to point fingers at folks who have dug themselves into debt, the NYT piece shows there's still people out there trying to make a buck on keeping them down.