Credit Counselors and the IRS

In the past few years a lot of folks have complained about so-called credit counselors who don’t get them out of debt and charge them a lot of money. They pay a fee to get counseling and receive nothing in return.

Well, it turns out one reason these companies increased exponentially is because they were given tax-exempt status for claiming to be credit counselors.

The IRS commissioner is focusing on dishonest credit or debt counselors, 41 debt counselors have lost their tax-exempt status of the 61 they recently audited. These organizations exist mainly to prey on debt heavy individuals by charging them excessive fees for little or no service.

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