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Credit Counseling Industry

Which is Cheaper: Credit Counseling, Debt Settlement, or Bankruptcy?

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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 brand of debt help can ... Read More »

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 by United Financial Systems will ... Read More »

Elimidebt Management Systems Wants to be Eliminated? Not Playing Nicely With WV AG.

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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 a debt management and potentially ... Read More »

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 at that time. In fact ... Read More »

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 Systems received more than 440 ... Read More »

Wanna Know a Secret About the Debt Relief Industry?

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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 as tied to creditors and ... Read More »

Free Debt Relief Industry Regulation and Legislation Tracking

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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 find: Updates on current debt ... Read More »

Does Credit Counseling Hurt Your Credit

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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 Plan (DMP) does not Hurt ... Read More »

DebtWave Clients at Risk from CBDC Failure?

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Just yesterday a tipster (send in your tips here) 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 ... Read More »

CBDC Rumored to Have Closed Doors Suddenly

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A tipster (send in your tips here) reports that effective yesterday, the nonprofit 501(c)3 credit counseling group closed their doors suddenly. According to the tipster (send in your tips here) 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 ... Read More »

National Foundation for Credit Counseling – History and Future

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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 knows as Consumer Credit Counseling ... Read More »

Gerri Detweiler and I Talk About Mass Joinder Scams and Does Credit Counseling Work

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Here is the recent podcast I did with my friend and fellow debt expert Gerri Detweiler. Gerri Detweiler is a fantastic debt and credit expert who is not only an awesome person but provides exceptional advice for consumers. I’ve known Gerri since 1994 and am always really proud to work with her to help consumers. Please feel free to visit ... Read More »

Fake Nonprofit Credit Counseling Agency Robocalls Lead to Financial Freedom and Southeast Trust

A tipster (send in your tips here) recently sent in the following robocall they had received. Listen to Robocall The robocall led me to secret shop the “certified non-profit agency” that had already approved me. The recorded message instructs callers to dial 800-706-6208. As you will read in the transcript below, when I questioned the sales representative about their bad ... Read More »

Nationwide Financial Center Charges Big Bucks to Enroll in DMP

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A reader contacted me with a question, here. She said that a company called Nationwide Financial Center sold her into a debt management program for which she first had to pay $1,295 before she could get in to the credit counseling program. She sent me the agreement she signed to put the $1,295 on her HSBC credit card so she ... Read More »

More on Nonprofit Credit Counseling Group United Financial Systems

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A tipster (send in your tips here) sent me a link to a recent television report on the nonprofit group United Financial Systems I’ve written about previously . As of today United Financial Systems has 679 BBB complaints filed against it and has not responded to 351 of those. Sadly as I predicted in my story “United Financial Systems Looks ... Read More »

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