Debt elimination scams cause big problems

Wednesday - 3/9/2011, 8:33pm EST

Debt got you down?

Well, one Internet site promotes a document you can use to "legally" eliminate an outstanding credit card balance or other debts. The document may cost quite a lot of money, but it will enable you to stop paying on your debts simply by giving the lender a specially prepared document.

OK, now stop laughing. I know this sounds far-fetched, but consumers have sent money for these miraculous documents. Many of the offers cite false claims about the Federal Reserve System, U.S. currency or other federal or state government programs as the legal justification for the debt elimination program.

Well, don't believe a word of it. The Federal Deposit Insurance Corporation (FDIC) reports these documents are bogus and a waste of money. If you come across this scam on the Internet or anywhere else, let us know.

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