Credit-Card Debt Is Rising; Watch out for Repayment Traps

With an expensive holiday season, many families might be spending a bit more than they expected, which is why the Federal Trade Commission is warning about the promise of quick debt relief"Unfortunately the late-night commercials or ads that you see that sound too good to be true are actually too good to be true," said Felipe Arévalo of the San Diego Financial Literacy Center.at the end of November.

Listen cautiously: The FTC says many illegitimate companies tell you to stop making payments and stop talking to your credit-card company. Unfortunately, that could mean you'll be hit with more fees and charges Don't pay in advance: If you choose a debt-consolidation company, the FTC said, it's illegal for the company to charge you a fee before the job is done.

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