Ameridebt

AmeriDebt, Inc. has shut down its debt management operation as part of a settlement of Federal Trade Commission charges that it deceived consumers into paying at least $170 million in hidden fees. The FTC charged that AmeriDebt misrepresented that it was a nonprofit credit counseling organization that would teach consumers how to manage their finances for no up-front fee. The settlement required AmeriDebt to transfer all current clients’ accounts to a third party and bars the company from participating in any aspect of the credit counseling business in the future.

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