Latest Posts
Home > Debt Articles > Professional Journalist Really Blows This Debt Settlement Story

Professional Journalist Really Blows This Debt Settlement Story

CNBC produced a story by Trish Regan that was full of misleading statements and came across that debt settlement was not a problem, without ever mentioning the tax consequences or that debt settlement companies are under investigation.

The story claims that an NFCC agency, ClearPoint Financial Solutions was able to get Providian to settle the debt for less. There is no mention of debt settlement services on the ClearPoint website.

What makes me really scratch my head on this story is that Providian was purchased by Washington Mutual who was then taken over by the government and then sold to JPMorgan Chase. Ironically, the WaMu acquisition of Providian is claimed to have been the first step in the downfall and failure of Washington Mutual.

I seriously doubt with all the moving around of these accounts that the original credit agreements are anywhere to be had and that the creditor realizes that taking some money on this portfolio of debt is better than admitting that a lot of it isn’t even collectible anymore.

The story does mention, in passing, that these actions will hurt your credit report and credit score. Marisa Ruiz, the consumer in the story, also says that she now avoids credit and tries to pay cash for everything. Hopefully someone has educated Marisa that if she wants to improve her credit score she will need to get back into the credit game and start having good information reported about her again. Overall, I’d give the story a C- and not worthy to appear on network television.

Professional Journalist Really Blows This Debt Settlement Story
Get Out of Debt Guy – Twitter, G+, Facebook

Professional Journalist Really Blows This Debt Settlement Story by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.