WALT SPECHT: TV is no place to get financial advice

Are we that dumb? Why would anyone pay taxes?

These folks on TV say they can get the IRS to settle for less than 15 percent of the amount owed? Why would anyone pay their taxes if that was true? Why would anyone believe it?

How about credit card debt? Owe over $10,000 and the TV guy can legally force the credit card company to settle for a small part of that. Why pay anything on your credit card if that is true? Why would you believe this?

How about these TV lawyers? They will get you paid, but they will also get themselves paid — extremely well paid, by the way.

Look really close at these offers. Find out just who makes the most on these deals. You may pay a percentage plus expenses, so that, in the end, the lawyer definitely gets the larger share. They are in business, so they make money — lots of it.

How many of these settlements actually resulted in the client getting more than the original offer? Or does the client break even and the lawyer gets the rest? Think about it.

Then there is the reverse mortgage. This isn’t any great deal for the individual, however, from the amount of advertising, it certainly seems a great deal for the banks. Tom Selleck is more concerned about his fees and royalties than he is seniors.

Please, before you sign on the dotted line check things out. There is no free lunch.

WALT SPECHT

Leesburg