Credit 9 has been offering debt consolidation and other debt reduction services for a while but in 2019 Credit 9 complaints have been piling up. Credit 9 is one of the debt consolidation companies offering debt reduction services but is marketing as if they are a personal loan company. Generally, consumers who are looking to get out of debt are their best prospective customers. They have satisified customers but the complaint buildup seems to suggest that customers are not aware of what they are getting into.
For example, a recent BBB complaint stated:
“If I could give no stars I would. Classic bait & switch. Called them because they made it look like I could consolidate my debt, then was told they would have to negotiate my current credit cards. They offered my in the mailing a personal loan to take care of my debt. Scam. As I am not late on any of my payments or in need of their services for “debt consolidation” They will not get my business. They mislead you into thinking they will give you a personal loan not a debt consolidation. Their Website claims they are a personal loan company, not what they truely are, which is debt consolidation.”
If you do intend on consolidating your debt, there are a few things you must remember:
You Need To Have a Backup Plan
You may lose your job in a sudden turn of events or your car might break down unexpectedly during a trip. Without an emergency fund, you have nowhere to go. It offers you much-needed assistance when the going gets tough. Always have a backup plan!
You Need to Have a Budget
Without a budget you are headed for trouble. Not having a budget is one of those money habits that can lead you into a financial crisis. Budgeting allows you to pay off a debt or reduce it to a significant extent. In this way, you can save money for emergency. Other than keeping you safe in times of need, budgeting provides you with an effective roadmap that allows you to address your financial objectives. By setting a spending target and sticking to it, you can budget better.
The lesson is to avoid poor money habits.