Victory State Bank Points to Tips for Using Debt Relief Services

 

STATEN ISLAND, N.Y. -- Victory State Bank understands that occasionally we can all find ourselves in times of financial debt. If your debt is overwhelming, debt relief services are something to be considered. These include credit counseling, debt management plans, and debt settlement programs. As with any financial service, there is the risk of dealing with companies that are looking to scam you. The Federal Trade Commission recommends that you avoid any debt relief organization — whether it’s credit counseling, debt settlement, or any other service — that:

  • charges any fees before it settles your debts or enters you into a DMP plan
  • pressures you to make "voluntary contributions," which is really another name for fees
  • touts a "new government program" to bail out personal credit card debt
  • guarantees it can make your unsecured debt go away
  • tells you to stop communicating with your creditors, but doesn’t explain the serious consequences
  • tells you it can stop all debt collection calls and lawsuits
  • guarantees that your unsecured debts can be paid off for pennies on the dollar
  • won’t send you free information about the services it provides without requiring you to provide personal financial information, like your credit card account numbers, and balances
  • tries to enroll you in a debt relief program without reviewing your financial situation with you
  • offers to enroll you in a DMP without teaching you budgeting and money management skills
  • demands that you make payments into a DMP before your creditors have accepted you into the program

 


About Victory State Bank: 

VSB Bancorp, Inc. (NASDAQ: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com. .

 

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