Beware those late-night-TV debt-plan pitches

NEW YORK — If you're knee-deep in debt, there is a good chance you're not sleeping well either.

And companies ready to prey on your vulnerabilities know it.

Surf through the channels late at night and you're likely to see countless commercials for services eager to help you solve your debt problems.

"It's no coincidence that debt-consolidation companies advertise late at night," says Nick Jacobs, a spokesman for the National Foundation for Credit Counseling (NFCC).

And when you're stressed about the bills piling up, it can be tempting to turn to a service that promises to consolidate your debt and save you thousands of dollars.

But before choosing a debt-management program on a whim, it's wise to be skeptical.

Companies that make such tall claims are probably too good to be true.

Instead, advises Jacobs, it's better to find help from a reputable organization such as the NFCC.

The NFCC can help you enroll in a debt-management plan that meets NFCC standards.

To find a program, visit www.nfcc.org.

Be especially wary of debt-consolidation or counseling organizations that:

• Charge high up-front or monthly fees for enrolling in credit counseling or a debt-management plan.

• Pressure you to make "voluntary contributions," another name for fees.

• Won't send you free information about their services without requiring you to provide personal financial information, such as credit-card account numbers and balances.