When done through a reputable company, credit consolidation is a great way to simplify your financial responsibilities. Unfortunately, it is also a great way to run a scam. Many scam artists see credit consolidation as a way of garnering personal information.
The scam artist will use a snipe sign, bulletin-board sign, or maybe even a sign in the rear window of a vehicle. The signs typically reads, "Reduce your debt, ask me how!" or "Fast credit." You may see the ads in the form of an E-mail or pop-up while you are surfing the net. These people want your personal financial information. They want to use it to apply for credit, but they have no intention of using that credit for your benefit. All they will do for you is charge a fee on your credit account or debit your checking account. After they have charged you, they will sell your information as part of a larger package of personal information from all of the people they have scammed.
This generates the information used to commit identity theft. In order to reduce the chances of being scammed by a consolidation of credit, keep your financial and personal information closely guarded. One way to do so is to consolidate through your bank, accountant, or broker. Many banks offer financial counseling. Your bank already knows you as a customer and has access to your personal financial information. Your banks can work with you and your credit history to build a manageable plan.
Homeowners can use home equity to consolidate credit. A change in earning potential and earning-to-debt ratio may have altered your qualifications for certain programs or packages offered by your bank. You may qualify for refinancing by which credit card debt and vehicle payments can be consolidated.
Any way you choose, use someone you trust and know, and don't send your information out into cyberspace or the phone lines. This is one of the many instances where meeting face to face with another person is definitely the preferred method.
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Citizen Advisory Committee:
The Winter Springs Citizens Advisory Committee meets the
second Wednesday of each month at 7:00 PM at the Winter
Springs Senior Center.
The CAC started in 1998 with about 5 citizens and has grown strong with over 50 members. The CAC is comprised mainly of Homeowners Association board members, Neighborhood Watch members, and concerned citizens. The members of CAC meet with the police chief and his command staff. The chief gives the monthly departmental statistics, and
the commanders tell what is happening within their respective bureaus. There is a roundtable discussion, and each attendee of the meeting is given the opportunity to share what is happening in their community and to ask questions.
If you have any questions or would like to join us, please feel free to call Winter Springs Police at 407-327-7955.
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