When an individual is struggling with debt coming from multiple directions, combining all debt onto one loan through consolidation might seem more manageable and like a sound decision -- particularly when companies offer appealing promises of saving money while getting out of debt faster. Unfortunately, in many instances these companies are too good to be true. In New Jersey, individuals that offer debt consolidation services are required to be licensed by the New Jersey Department of Banking and Insurance. However, many providers of these services are not licensed, and are thereby acting criminally.
It is no secret to anyone living in New Jersey that a struggling economy has brought hard times on many families. Many consumers in New Jersey have contemplated bankruptcy as a means of addressing their crippling debt and anxiety, but fear of any impact on their credit and the stigma surrounding bankruptcy often leave some consumers unsure of how to proceed.
It is a terrible feeling when you have to ignore another phone call because you assume that the unfamiliar number on your phone screen is a debt collector. Some individuals may let their voice mailbox fill up just so that the collectors cannot continue leaving new voicemails. The individual might avoid the mailbox for weeks at a time because the mounting stacks of bills feel overwhelming, and defeating.