People who are drowning in debt, which many people fear today, are often willing to grasp at any straw that offers credit debt reduction. However, let the debtor beware. Many new companies are springing up taking advantage of the financial downturn hoping to make money from unsuspecting consumers who are desperate for help. They offer to fix your credit, or even wipe out your debt completely, for a hefty fee. The problem is, most cannot deliver. In some cases, a legitimate service may be able to negotiate for a small interest rate reduction and some debt consolidation to provide smaller monthly payments. But that can also extend your loan, increasing the interest you'll pay in the end. In fact, unless you are on the verge of defaulting on your credit card debt, few companies will negotiate. Consumers must be wary and do their homework, making sure that any service they use is accredited and legitimate. Many time credit counseling and budget help will do more to improve your financial status than most other options. If you have already been taken advantage of by an illegitimate service, an attorney can provide you with options.