00:00 You, like me, might be one of the 44 million people
00:03 with student debt that you haven't had to make a payment on
00:06 since the pandemic began, but all of that is ending.
00:09 Interest is starting to accrue again as of Friday
00:12 and payments resume in October.
00:14 Now it might be tempting to go
00:16 to a debt relief company for help,
00:18 but stop before you do and listen to this warning
00:21 from the Better Business Bureau.
00:22 What people need to be careful of
00:25 is because they're promising you all this
00:27 and it seems like a good way out
00:30 and a way to help build your credit back.
00:33 What we have found is a lot of people spent a lot of money
00:36 and they still were stuck with a bunch of debt,
00:39 but they had paid these outrageous fees.
00:42 The BBB says between 2020 and 2023,
00:45 it received 12,700 complaints
00:47 and people lost $2.4 million
00:50 to predatory and unethical debt relief companies.
00:53 The Federal Trade Commission received
00:54 more than 80,000 complaints during that time period.
00:57 So the BBB's advice,
00:59 if a company asks for a fee to be paid upfront,
01:02 that's a red flag.
01:03 If someone promises a quick fix to your credit score,
01:05 et cetera, they're likely misleading you.
01:08 Also, do not stop making your monthly payments
01:11 while you work with that company.
01:12 That can make things worse and could land you in court.
01:15 And just remember, these companies cannot do anything
01:18 that you can't do yourself.
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