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Credit Counseling Industry

The History of Getting Out of Debt This Week on the Get Out of Debt Guy Show

In this show I talk with Dr. Louis Hyman, a consumer credit historian. We talk about the history of debt relief. He points out that the process of intervening in the debt of consumer began way back after World War I with the advent of new consumer debt opportunities. It does not matter if it was the refinancing of debt ... Read More »

Credit Counseling = Fishing

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I had to share this with you. I was on a site doing some research on another company but stumbled across this listing of someone that said they worked for a credit counseling company. Look at the graphic below and have a laugh at the industry they say it is part of. Get Out of Debt Guy – Twitter, G+, ... Read More »

Couple Gets Out of $88K in Debt in Three Years. Exception or Rule?

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CNN broadcast the story below on how one couple managed to dig themselves out of debt in about three years. It is a good news story for those people that can afford the minimum payment on their debt plus pile on extra funds. In this case the couple used a credit counseling service to help them achieve their goal by ... Read More »

DMP Payments Late Through Americorp from First Consumer Debt Consolidation/Hess Kennedy. Who’s Responsible?

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A tipster (send in your tips here) sent me the following statement and I’m posting it in hopes of hearing from others with information about the situation to see if anyone has any additional scoop on the situation. Get Out of Debt Guy – Twitter, G+, Facebook Tipster says: “Thank you for your site. I am a current debt management ... Read More »

Debt Settlement Fee Ban, Credit Counseling Wounded, Caller Question – The Get Out of Debt Guy Show

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Today we’ll be also talking about the impact the new fee ban for debt settlement services is going to have. We’ll also talk about changes that are impacting credit counseling and why people need to address their problem debt now before the economy improves too much. All that and a caller question on today’s show. Listen to Debt Settlement Fee ... Read More »

Offshore Debt Settlement, Morgan Drexen, Badges, Elizabeth Warren, Bed Intruder, CROA, and More – Podcast

Here is this weeks podcast where Damon Day and I talk about a number of debt industry issues including: Debt settlement companies settling up offshore enterprises to sell services back to U.S. residents. The odd statements made in the recent Morgan Drexen press release. You can watch video from the release here. What is the Financial & International Independent News ... Read More »

Oregon Creates Web Page to Turn in Illegal Debt Settlement, Debt Management and Credit Repair Companies

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The State of Oregon now has a dedicated page on their site for consumers to report ads for debt relief companies. Apparently Oregon is also targeting debt relief companies that advertise on the web as well as television. radio and mail. The page says: HELP STOP ILLEGAL DEBT MANAGEMENT COMPANIES IN OREGON Have you heard or seen ads for companies ... Read More »

Consumer Credit Counseling Service of Greater Atlanta Gets $3.5 Million Grant

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Grant provides much-needed boost to homeowners in Atlanta, Miami/Fort Lauderdale, New York/Northern New Jersey, Los Angeles, Washington, D.C. and others in danger of foreclosure Consumer Credit Counseling Service (CCCS) of Greater Atlanta today announced that it has received a $3.5 million grant to support its national foreclosure prevention counseling efforts in several metropolitan areas. The much-needed boost will enable CCCS ... Read More »

2009 NFCC State of the Credit Counseling and Financial Education Sector Address

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Below you will find the presentation given by Susan Keating of NFCC regarding the state of credit counseling in the United States. I was pleasantly pleased to find the NFCC talking about possibly leaving the door open to pursue offering debt settlement in the future, efforts to regulate the debt settlement industry, and an admission that the Call to Action ... Read More »

Allegro Law Debt Management Clients. Important Information to Get Better Service.

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I’m reposting information that I had posted as a comment on the article about the Allegro Law debt settlement mess. I wanted to make sure that people who were Allegro Law debt management clients saw this important information. Attention All Allegro Debt Management Clients I have made special arrangements for you with Cambridge Credit Counseling to transfer your accounts to ... Read More »

Where Has Credit Counseling Been on Pushing Ahead Alternative Dispute Resolution From BAPCPA 2005?

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Every had one of those times when something pops into your head and makes you say to yourself, “Why?” Recently I had an opportunity to look at a copy of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. I know, I know, not the kind of light reading you normally pick up. I was looking up something else ... Read More »

Credit Repair and Credit Counseling Firms Banned From New Jersey

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A Final Consent Judgment has been entered against the defendants sued by the Office of the Attorney General in New Jersey and its Division of Consumer Affairs for allegedly offering credit repair and credit counseling services that consumers paid for but did not receive. Defendants United Credit Adjusters, Bankruptcy Masters Corp., United Counseling Association, Inc., and Credit Bureau Controls Corp. ... Read More »

The Truth About Credit Counseling and Debt Settlement. Interviewed by Mary Hunt.

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Today I appeared on the radio show of Mary Hunt and talked about the realities of modern credit counseling and debt settlement issues. You can listen online: If you can’t see the player above, click here. Get Out of Debt Guy – Twitter, G+, Facebook Read More »

Credit Counseling, Credit Repair, Debt Settlement and Other Scams Are Target of FTC Sweep

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The Federal Trade Commission recently annound operation Short Change, an effort to help curb abuses of consumers by groups claiming to offer help. Here is a summary of the companies targeted under Operation Short Change. California Mezey & Associates, Inc., Campos Chartered Law Firm, The Consumer Protection Law Center dba Consumer Law Center, LLC Desist and Refrain Order issued for ... Read More »

Call to Action Debt Management Plans Rolling Out Slowly. May Benefit Consumers Looking to Repay.

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For years I have been emphatic that in a credit counseling or debt management repayment plan, it isn’t the interest rate reduction alone that is important, people need to get their monthly payments reduced. That’s more important. New “Call to Action” debt management plans (DMPs) offer low or no interest rates to people who can qualify. In addition, the plans ... Read More »

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