By Harry Samler, CBS46 (Watch video)
ATLANTA, Ga. (CBS46) — Many people are out of work now and going into debt. Commercials offering debt relief may be tempting, but consumer experts say these firms may make promises they can’t keep.
Liz Coyle, executive director for Georgia Watch, suggests a better way for people in debt.
“They can call their credit company and say, look, I lost my job or part of my income. I’m not going to make payment this month, maybe the next couple of months. Can you work with me and can you restructure my loan with a lower interest rate?”
Coyle also has a warning for people who are considering taking out a title pawn loan.
“In Georgia, (companies) can charge anywhere from 187-to-300 percent interest,” says Coyle. “The last thing you want to do is take a loan that will trap you in a cycle of debt and potentially cause you to lose your car.”
Better Call Harry says most lenders have links for help. Start there and follow up with a call.
Georgia Watch has some great resources on its website: www.georgiawatch.org
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