MAGNOLIA
CLIPPING SERVICE
(6011856-0911 f (205) 758-3610
COMMERCIAL APPEAL
MEMPHIS. n;
Circulation = 236625
DAILY
12/29/2009
III.IU1IIIIIIIIIIIIIIillllllili
Get right kiad of help to confront debt
Beware solicitations via
phone, Web; check BBB
By RA1mY HUTCHINSON
Special tv The Co-mmcn:ial A.ppeai
Are you hadng trouble paying
your mortgage. car loan or credit
cards' There are organizations that
can help. Some will help make your
situation better. Some \lill help
make it \Vorse.
Banks and other lenders don't
want to take back your house or car.
.
They make moneywhen you use your
credit cards.. not when the accounts
are closed and the cards are cut up.
So Urou're ha,wg trouble making
your payments, talk to them first-
as soon as you knmv lhere'5 a prob· get out quickly. Thej may also charge to ha\Te special arrangements with of doUars on the promise that the
lem. If there's a reaflOO3ble oppor· you modest fees for their services., all major lenders. Those claims are company would renegotiate their
tunity to work out Ii payment ar· There are out·of·state. 8O().0um­ somewhere between half·truths and debts "ith their lenders. They didn't
rangement or loan modification, . her credit l'Ounselors that may be baldfaced Jes. do it, and some people are out what
they'll take it. able to help you, hut he cautious. We hear from too maov con­ little money they had left.
Your second sooree for help Their fees may be higher. and they sumers \\'ho ha\'c paid these com­ Taurian is now advertising its ser· ,
should be a local. nonprofit credit or may be worldng with so many panies thousands of dollars and hal-e vices in other parts ofthe country via 1
housing counseling agency_ They clients all over the countrv that vou reeeh'ed little or nothing in return. its Web site, and is even signing up !
may be able to he~p you revise your won't get the individua( atteni;on drhing them into a deeper financial franchisees to sell its servkes.
monthly budget and reduce other you need. It's also harder to tell the hole and costing some their houses. Check out with the Better Busi·
expenditures so you are able to good o~es from the bad ooes_ Taurian Worldwide Inc. is a local ness Bureau any organi7,atiim that
make the payments on your loans. ~ow let's talk about the "help" example that has now taken its show offe;o if> help reduce your debts.
If that isn't po;sible, they may be that will make things wnrse. Avoid on the road. We\-e been tracking More than 2,500 people have pulled
able to work ,lith your lenders to rnmpanies that solicit you by phone, Taarian for several years through our reliability report 00 Taurian
reduce your pay,nents and interest e·mail or over tbe lntecnet with a multiple names. It purports to be and, we presume, gone elsewhere
rates. promise tbat they can get your pay,
Expect to spend aohour onnare in ments reduced or Your loan mod·
the initial comult;ltion with the ified.
counselor - YOu didn't get into fi·
­
They may claim to be operating as
located in Cord"",_ but the address
is a box in a UPS store on Ger­
manto\l'll Parkway.
We've gotten complaints from
for assistance.
Hutchinson is president and CEO of
ihe Bdter Business Bureau of the Mid w
Srl"..tth. He Can be r(!(J£Md at
nancial troubl~quickJyandyou won't part of a government pn)gJam and people who paid Taanan thousands rhutchinsoll@bbbmidsoulh,org.