Category Archives: Credit Counseling Industry
- Does CRS Financial Services Really Show a Fake Building?
In my roundup of ads on the internet I came across this one by CRS Financial Services on Craigslist. So let’s take a look if the statements are supported and what their website says. The first thing I noticed when visiting their website at crsfinancial.net was they have their physical address readily visible. That’s a [...]
- Nice Move by Chicopee Savings Bank to Fund Financial Literacy Project. Hat Tip.
Cambridge Credit Counseling announced the release today of the agency’s latest edition of its Learn Now or Pay Later guide to financial literacy. The project was underwritten with grant funding provided by Chicopee Savings Bank’s Charitable Foundation, in recognition of the community education initiatives conducted by Cambridge throughout Western Massachusetts. According to Cambridge’s president and [...]
- Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?
How can you determine what debt relief option is the right fit for a given set of cash flow limitations. The 3 options that people typically seek outside assistance with are Debt Management Plans (DMP), Debt Settlement Programs, and Bankruptcy. There are benefits and drawbacks to each option. Companies and people selling you a specific [...]
- United Financial Systems and Christopher Boulahanis Reach Settlement With Florida AG
This is actually a picture of the UFS building that a reader sent in previously. The Florida Attorney General just made a big announcement concerning the non-profit credit counseling group United Financial Systems. This is a company that we first announced was likely to implode back in August of 2010. Unfortunately the economic impact caused [...]
- Elimidebt Management Systems Wants to be Eliminated? Not Playing Nicely With WV AG.
New news out about Florida based Elimidebt Management Systems seems to indicate the West Virginia Attorney General is none too happy with them or Thomas Roland, the guy behind DebtWave Credit Counseling and Coastal Credit Solutions. After looking at the Elimidebt website it appears they are trying to steer people away from bankruptcy and into [...]
- Credit Counseling Industry Accused in Potential Historic Turning Point Lawsuit
A lawsuit I’ve been following since it became publicly available back in the middle of October has become a major milestone in what could spell the death of credit counseling as we know it I first learned of this case about six months ago when it was developing but I’d not written anything about it [...]
- Cambridge Credit’s Latest Transparency Report Finds Consumers Struggling More Than Ever to Make Bill Payments
The following is a press release from the credit or debt world. The publication of this release by this site is not an endorsement of the release. Cambridge Credit Counseling today released its third Debt Relief Performance Report. The report is a key component of Cambridge’s “Transparency Project,” a campaign to empower consumers, create an [...]
- United Financial Systems Most Complained About South Florida Business
United Financial Systems is a non-profit credit counseling group I’ve written about previously, click here. The end came quickly for United Financial Systems, run by Christopher Boulahanis, and resulted in people losing money or at the very least still waiting for promised refunds that have yet to arrive. The Sun Sentinel is reporting United Financial [...]
- Wanna Know a Secret About the Debt Relief Industry?
As modern and clever as we might feel here on the bleeding edge of history there is one cold hard fact I can’t ignore, these are still the dark ages of the debt relief industry. Let’s just take a broad look at the current state of affairs: Nonprofit Credit Counselors: The credit counseling world is [...]
- Free Debt Relief Industry Regulation and Legislation Tracking
I’m happy to announce today that both consumers and debt relief companies will now have FREE access to debt relief industry compliance, regulation, and legislation resources. This site module for the GetOutOfDebt.org site will give site visitors fee access to be better informed and educated about debt relief industry regulations. In this module you will [...]
- Credit Consolidation Services – Do I Need Them?
Have you looked at your credit card statements recently? Not glanced at them…I mean really looked. If you have, hopefully you have noticed the information that creditors started including in 2010 (Thanks to the Credit CARD Act legislation) that breaks down how long it will take you to pay off the balance making minimum-only payments. [...]
- Does Credit Counseling Hurt Your Credit
Before I wrote this article, I did a quick google search for Does Credit Counseling Hurt Your Credit and I learned 2 things. 1. That the prevailing wisdom (if that is what we are calling the first page of Google these days) seems to indicate that no, Credit Counseling also known as a Debt Management [...]
- DebtWave Clients at Risk from CBDC Failure?
Just yesterday a tipster sent a copy of an email that was allegedly sent out by the nonprofit credit counseling group CBDC in Florida, here. CBDC allegedly said the reason they could not immediately continue to service consumers was because of the suspension of the Florida attorney, Clint Johnson, that had been supervising the trust [...]
- CBDC Rumored to Have Closed Doors Suddenly
A tipster reports that effective yesterday, the nonprofit 501(c)3 credit counseling group closed their doors suddenly. According to the tipster a notice was sent out saying: I wanted you to hear this from me directly; I regret to inform you that CBDC will no longer be able to assist any clients for debt management. The [...]
- National Foundation for Credit Counseling – History and Future
National Foundation for Credit Counseling History The largest and oldest association of nonprofit credit counselors is an association that was originally founded as the National Foundation for Consumer Credit, and later changed their name to the National Foundation for Credit Counseling. Groups that exist as members under the National Foundation for Credit Counseling (NFCC) are [...]