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Author Archives: 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.

Golden Financial Services and Paul Paquin Attack Get Out of Debt Guy Steve Rhode

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A reader brought to my attention a post by Golden Financial Services titled Steve Rhode – Scam, Complaint, Illegal, Fraud or Applause. – Source It did make me laugh since some in the debt relief industry criticize me for my post title asking consumers for feedback on companies yet Paul elected to use a similar format. Nice touch. The post ... Read More »

FTC Settles Payment Processing Issues for Google Money Tree Scam

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The Federal Trade Commission is continuing its crackdown on payment processing operations that enable scam artists to charge consumer accounts despite signs of ongoing fraud and unauthorized transactions. Today, the Commission announced a proposed settlement resolving allegations that a payment processor, Process America Inc., and its owners, Kim Ricketts, Keith Phillips and Craig Rickard, used unfair tactics to open and ... Read More »

CFPB to Begin Accepting Debt Relief Complaints. Game Changer.

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A source from the CFPB has reveled that the CFPB will begin to accept complaints from consumers in 2014, and most likely by summer 2014. This means debt relief companies will most likely be in the same boat as other entities the CFPB supervises when it comes to identifying what specific company is generating complaints. Consumer complaints filed will most ... Read More »

2013 Holiday Spending Set to Change Debt Relief Industry

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In the debt relief industry the post-holiday period was always the busiest as those pesky holiday bills rolled in and people realized they overspent. The past recent years have been tough for debt relief companies since tough economic times had erased the big post-holiday debt relief peak we all used to know. New data is out that shows what we ... Read More »

Americorp Does Not Show Up for Trial. Allegro Law Litigation and Bankruptcy Nearing Completion, Maybe.

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It seems like a lifetime ago that I first wrote about the Allegro Law debacle. After Hess Kennedy, Allegro was the next big debt settlement firm to implode. We first wrote about Allegro Law in 2009 and since that time, Allegro Law went out of business, consumers lost money, Keith Nelms lost his law license and went bankrupt, and nobody ... Read More »

USAvsDEBT, USDC Student Loan Services and Student Loan Consolidation Center Signup

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The Association for Student Loan Relief has shared new member flocking to the association focused on selling student loan relief services to consumers. Current members include AP Student Loan Relief, Action Financial, Debt.org, Student Loan Consolidation Center, American Student Loan Consolidators, US Student Loan Services, USAvsDebt, USDC Student Loan Services, Frontline Debt Services. – Source As always, for consumers who ... Read More »

Should I Payoff My Student Loans? – Sarah

Sagging Economy

“Dear Steve, I have about $19,000 in government-backed student loans at 2.25%. When I graduated, I was advised to NOT pay off the full debt right away and “take advantage” of the low interest rate. So, I have been paying slightly more than the minimum each month ($100) and have only knocked the principal down about $1000 since graduating in ... Read More »

Credit Care Pluz a Bogus Preacher Credit Repair Scam

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If you are surprised by what I’m about to share with you, you should not be. The allegation is a minister who was previous charged with identity theft and drug charges has been running an Illinois credit repair business that has left some unhappy consumers without refunds. “Moshamba Cannon was a preacher with a message, a family, and a surprisingly ... Read More »

The Beginning of the End for the Attorney Loophole?

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A sidebar in a recent article by Jenna Greene identified an important fact that should not be lost of attorneys who feel the “attorney loophole” for debt relief services is getting thinner and thinner. According to Greene, the Consumer Financial Protection Bureau (CFPB) has been going after entities like banks and some debt relief companies. But take a guess what ... Read More »

Sallie Mae Student Loans are Going to Make My Daughter Sterile

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“Dear Steve, I am a Nurse Practitioner who is vey very concerned about my daughters mental health -as a result of her student loans….We had NO IDEA -what a nightmare this would become:-(. She has had at least 2 jobs since she was 11 yrs old…Harding working is an understatement !! She is so depressed and dejected over her inability ... Read More »

CFPB Pulls Back Curtain on Debt Collection and New Rules

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The Consumer Financial Protection Bureau (CFPB) has put out a new document with an extensive amount of information that paints the debt collection industry in a new light. One fact I found exceedingly interesting is the percentages of debts the debt collection industry handles, “medical and other health-related debts (36%), credit card debts (20%), telecom debts (13%), and student loan ... Read More »

Want to See Why Debt Relief is Dying Right Now?

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For years now I’ve been warning debt relief companies to expect less demand for services until consumers began to load up on credit again. The pipeline of unsecured debt being issued is really dry and the vast majority of consumers who needed help have already worked their way through the pipeline. But this information out today in Zero Hedge will ... Read More »

I Am a Lawyer With Sallie Mae Loan Debt. Help! – Scott

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“Dear Steve, Public interest lawyer 250k in student debt 6k in credit card debt 8k in private credit loan from sallie mae I have a Sallie Mae loan through their private credit department. I used this loan for living expenses while I took the New York bar exam this past summer. Is this the type of loan that you wrote ... Read More »

The Stress From Sallie Mae is Abusive. – Sue

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“Dear Steve, My 28 year old daughter Laurie has incurred over 160,000 in student loans with Sallie Mae. They are relentless and even at times harassing her for payment. They are wanting over 900.00 per month which she is not able to do at her job as a vet tech making 15.00 an hour. She tried moving out for the ... Read More »

Misleading Student Loan Mailer to Watch Out For From Student Loan Servicing Center

Student Loan Servicing Center Mailer

A consumer just submitted a complaint about Student Loan Servicing Center and included a mailer they received. I wanted to review the mailer for you and show you all the items that raised my concern. It’s worth discussing these items so you can be more aware of what marketing messages you may receive so you can evaluate them. If you ... Read More »

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