May people these days have a problem with mounting debt. The average person is well below the bad credit limit and is in desperate need to fix it.

Some people are so desperate to reduce their debt that they are seeking quick and easy ways of repairing their credit.

This demand has introduced us to the debt elimination scam.

For a large upfront fee of $2,500 - $3,000, the organizers of this debt elimination program scam will provide the victim with a special legal document . This document is then presented to the victims' bank, Mortgage Company, finance company, or other lending institution in an attempt to satisfy the victims debt. The document the victims receive is of course bogus or fake.

These so called, debt elimination programs are reminiscent of the tax protesters' tax evasion schemes seen throughout the 1990s.

The purported legal documents that are used in the debt elimination program scams include fake financial instruments that claim to eliminate the borrower's debt. The instruments usually question the authenticity of financial obligations, and often refer to a specific government agency (such as the Federal Reserve) in an attempt to support their claims.

Debt elimination program scams that claim they are approved by the Federal Reserve are bogus. The Federal Reserve does not approve, and is in no way involved in any program aimed at eliminating anyone's debt obligations.

Sadly, most of the people who stumble on these schemes were originally looking for legitimate ways to manage their debt.

There are effective ways that you can legally manage your debt.

You can go through a credit councilor. They will offer you great, professional advice about fixing your debts and may even refer you to a consolidator or loan company.

You can seek a debt consolidator. They will work with your creditors on your behalf in order to lower your monthly payments and much more.

You can also go and sign up for a credit union. Credit unions are much like banks in that they will take your paychecks and use them to pay your debts for you.

Credit unions will also place some of your money in a savings account for you so that you will have some money to work with.

John Parsons is founder of CorporateNarc.Com?. The mission of http://www.CorporateNarc.Com? is to educate the public in consumer affairs and to provide consumers with up-to-date business information. In addition we hope to ensure better services for the consumer by exposing business fraud and corruption, as well as unfair and deceptive business practices.

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