Turn on the TV at two a.m. There are an infinite number of infomercials promising to lower interest rates and help get you out of debt. To anyone who has gotten in over their head with purchases, these debt relief programs may seem like a golden opportunity. But experts warn that these scams could present you with hundreds of dollars in hidden fees. You could in fact end up much worse than you were to start off with. The first warning sign is anyone who wants money from you in order to help save you money. If a company promises that for the low fee of $500 they can lower your monthly bill payments by $2,500, beware! The Federal Trade Commission has sent out warnings that such companies simply lie to consumers and prey on the trust of frustrated individuals.

Of course, not all debt relief companies are up front about their fees. There are the companies that ask you to sign a contract without mentioning money, then ask for a check under the guise of helping pay off your debt. While you may think the check you are writing is going towards paying off a credit card bill, sometimes it is actually just a referral fee for the initial company to look for a company that may help you. Basically, you will be throwing your money away.

A better option than a debt relief program is to inquire with a credit counselor. A legitimate credit counselor will give you a free review of your situation and suggest possible options for handling the problem. One credit counseling company saw 6,000 people last year and found only 19 percent of them should choose debt management as their option. The others were given clear plans to work it out on their own.