Comments on: Is Debt Management and Credit Counseling An Effective Way Out Of Debt? http://getoutofdebt.org/1614/is-debt-management-and-credit-counseling-an-effective-way-out-of-debt Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Mon, 13 Feb 2012 01:25:00 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Steve Rhode http://getoutofdebt.org/1614/is-debt-management-and-credit-counseling-an-effective-way-out-of-debt#comment-336 Steve Rhode Mon, 13 Oct 2008 19:24:32 +0000 http://getoutofdebt.org/?p=1614#comment-336 Gerri, I'm in the process of writing letters to members of Congress, urging that consumers are given access to a solution that allows consumers to enter into a reasonable and sustainable repayment plan over a fixed period of time and the rest of the debt is discharged without the need for bankruptcy. It is an approach that has worked well in the UK. Chances are better of something like that actually seeing the light of debt if we have an Obama administration in place. Steve Gerri,

I’m in the process of writing letters to members of Congress, urging that consumers are given access to a solution that allows consumers to enter into a reasonable and sustainable repayment plan over a fixed period of time and the rest of the debt is discharged without the need for bankruptcy. It is an approach that has worked well in the UK.

Chances are better of something like that actually seeing the light of debt if we have an Obama administration in place.

Steve

]]> By: Gerri Detweiler http://getoutofdebt.org/1614/is-debt-management-and-credit-counseling-an-effective-way-out-of-debt#comment-323 Gerri Detweiler Mon, 13 Oct 2008 16:41:38 +0000 http://getoutofdebt.org/?p=1614#comment-323 You've hit on an important point here Steve. Credit counseling is painted as good while the other options (debt settlement or bankruptcy) are always painted as bad. Unfortunately, most people seeking help from credit counseling today can't pay back 100% of their debt plus interest. It's simply impossible. So then they feel they are a failure when they have to choose one of the "bad" options. There was mention made in the FTC hearing on Debt Settlement recently that counseling agencies may in the future offer a repayment option that doesn't require paying back 100% of the debt...Do you think there's hope for it? You’ve hit on an important point here Steve. Credit counseling is painted as good while the other options (debt settlement or bankruptcy) are always painted as bad. Unfortunately, most people seeking help from credit counseling today can’t pay back 100% of their debt plus interest. It’s simply impossible. So then they feel they are a failure when they have to choose one of the “bad” options.

There was mention made in the FTC hearing on Debt Settlement recently that counseling agencies may in the future offer a repayment option that doesn’t require paying back 100% of the debt…Do you think there’s hope for it?

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