Like countless others, reader Ryan is in debt. His debt is to the tune of $1,364. He received an interesting offer from the debt collector who is offering “debt reduction” in the form of a pre-approved Visa card in which his $1,364 debt would be reduced to a $1,200 balance if he accepts the card. He would need only to to pay off the balance under the terms of the credit card to eliminate his debt. Ryan wisely wrote to us to ask if this is a good idea. Actually Ryan, it’s a really really really bad idea. His letter and our advice, inside…
