Stay Away From This Con

Christie says her husband lost his job last year. He's been talking to a debt consolidation company for three of their credit cards. Dave warns Christie this is a con.

QUESTION: Christie in Houston and her husband have been married eight years. He lost his job last year. Right now, he’s doing contract sales. He’s been talking to a debt consolidation company for three of their credit cards. They have $55,000 in debt, and the debt will be reduced by 45% with a 15% fee and another $5,400 in fees. Dave warns Christie this is a con.

ANSWER: I don’t care how your husband sees this. He’s wrong. Don’t do this. This is an absolute freaking con. Go to ftc.gov—the Federal Trade Commission’s website. They’re shutting these people down left and right. There’s legislation pending to shut them down. They’re cons. The good ones don’t do a good job. The rest of them are total scam artists. You’re going to give them a pile of money, destroy your credit, and nothing’s going to happen and then you’re still going to end up going and having to clean up this mess yourself. Do not do this. I’m telling him he’s not going to do it if you’re there in the house with him. No. No, we are not going to be screwed over by these people. No.