Beware Debt Consolidation Traps with Erik Clark

This week we'll be talking about a financial relief option that's being pitched left and right in the midst of the current pandemic: debt consolidation. You've more than likely seen or heard an ad advertising the magic of debt consolidation; take all of your debts, put them together, and pay just one person! Like most things that sound too good to be true, debt consolidation is often something that sounds quite a bit better than it actually is. I was joined by my friend and colleague Erik Clark to discuss this issue, and the predatory practices debt consolidation companies are using to try and draw consumers in. Besides being the managing partner of his own consumer bankruptcy firm, Borowitz & Clark, Erik worked for nine years as an Adjunct Professor at Loyola Law School in Los Angeles, and has served as the President of the National Consumer Bankruptcy Litigation Center and the American Consumer Bankruptcy College. He's passionate about this subject and has experienced firsthand the burden it can place on families persuaded by the late-night television ads hawking it.