When it comes to financial language, it is critical to understand all the names, expressions, and programs that are in place.

For example, Debt Consolidation is totally different from Debt Settlement. First one means you pay back all your debt balances, while Debt Settlement means that creditors agree to forgive you for some of your debts.

However, scammers introduced the Credit Card Debt Termination program, claiming it’s aimed to help you waive all the debts. You are required to pay a fee, which in the end will be a few hundred dollars, while all your debts will still be there.

How to avoid: there is no such thing, don’t enroll in a Credit Card Debt Termination program.