“Dear Steve,
I’m trying to help my son find a good debt settlement/debt distribution company, an honest one that is not a scam place. Can you help me find one? I’ve searched the net and the more I look the more I get confused. He has always had good credit but he opened a business about 2.5 years ago and got in way over his head to the tune of $98,000. He’s behind on his credit cards but not in collections, the interest is unreal.
Can you help us find an honest debt settlement/consolidation company, not bankruptcy. We sure would appreciate any help you could give us, show us where to look.
Jackie”
The Answer:
Dear Jackie,
Asking for a good debt settlement company today is a bit like asking for the best guy that sells stolen televisions off the back of a truck.
Debt settlement, for most people that don’t have the all the cash on hand right now to settle their debts is an invitation to get taken for a lot of money. If you want an assessment of his situation to see if there is a remote chance of debt settlement being a good solution, contact Damon Day.
But I think you might be looking at the problem backwards here. Instead of shopping for the solution first, you really should start with the problem and then let’s look at the best solution to address that.
Debt settlement would be the way to go if your son wants to trash his credit, get into aggressive collections, enjoys being sued and wants to struggle with this problem for years. Debt settlement companies advertise wonderful sounding solutions but it’s hype, not reality. This is why the Federal Trade Commission has been working to close down the debt settlement industry.
If your son’s problem is the interest rate he could look at a credit counseling program where his interest rate would be reduced, his cards will be closed and it will impact his credit. Additionally, his monthly payment will be the same or higher than he’s paying now.
Bankruptcy might be off the table for you but it is the only solution backed by law and binding on the creditors. The interest rate goes to 0% and your son would be protected from any collection activity. Click here to contact a local bankruptcy attorney to learn more about bankruptcy.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.