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Credit Counseling Industry

Michigan Credit Adjustors, in Trouble and on Fire! – Vicki

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I wasn’t really sure what to do with this question or statement that came in so I thought I’d just publish it and hope that others can add something to it regarding their experience with Michigan Debt Adjustors, positive, neutral, or negative. The reason I’m doing this is that there is just little to nothing written or on the web ... Read More »

West Virginia Attorney General Sues Non-Profit Credit Counseling for Really Being All About Profit

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Attorney General McGraw Sues James R. Armstrong, Jr. and His Web of Florida Shell Companies Over Fraudulent Credit Counseling Scheme Attorney General Darrell McGraw filed a suit today alleging that James R. Armstrong, Jr. of Coral Springs, Florida, masterminded a web of for-profit companies to enrich himself under the guise of providing debt management services with Family Credit Counseling Corporation, ... Read More »

Attorney Loses Law License Because of Debts. Forced Into CCCS by Court. Plan Fails Miserably.

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An attorney in Texas has lost his law license over unpaid debts and student loans. Pretty scary but totally unnecessary and avoidable. When attorney Frank P. Santulli III first ran into financial troubles in 2001, the Texas Board of Law Examiners ordered Santulli to enter into a debt management plan with Consumer Credit Counseling Service. But in May of 2002 ... Read More »

Most Debt Advice Suggested is Snake Oil or the Wrong Solution For People In Trouble. Here’s Why.

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I’ve been following the conversations on Twitter (@GetOutOfDebtGuy) and watching what others are saying about debt management, credit counseling, debt settlement and bankruptcy and it really has me worried and concerned. I’m a guy that lived through financial problems myself and went bankrupt in 1990. I then went on to found and run a non-profit credit counseling company, Debt Counselors ... Read More »

A Secret You Are Not Supposed to Know – Citibank CCCS Credit Counseling Terms

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I’ve written a lot about the misperception that people have that going into a CCCS or credit counseling program involves some sort of negotiation with your creditors. It doesn’t. You will notice that none of the credit counseling groups say that they are there to defend you and put you first. This is because no matter what they say, as ... Read More »

Quickies – CCCS Consumer Review, Autos, Cards, Balances, and Debt

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When I need a break from answering questions I often take a look for some odd or interesting search terms that people used to find me. Below are some of the latest I saw today that I wanted to provide quick answers to. Steve Search Terms CCCS consumer review – CCCS stands for Consumer Credit Counseling Service but it has ... Read More »

Are CCCS and Credit Counselors Salivating From Government Push to Help Save Homes With Housing Counseling?

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Don’t be confused, housing counseling by credit counselors is a profitable business. And now that the government has laid out a new, aggressive plan, to help people to avoid foreclosure, credit counseling groups must be celebrating with a big party. Housing counseling is a revenue source for credit counseling offices and with the sudden availability of help and resources for ... Read More »

Why is Consumer Credit Counseling Service (CCCS) Spending $18,785 a Day on Online Ads?

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I was looking through the visitor logs on the site tonight and saw a link from a site called Keyword Spy. I followed the link back and discovered that the site is pretty cool for checking out what sites are spending on online ads. A link of a link of a link on the site took me to this page ... Read More »

Consumer Credit Counseling Service, CCCS, NFCC, and National Foundation for Credit Counseling

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I often get questions from people asking me about Consumer Credit Counseling Services, also known as CCCS. I thought I’d give you a quick little summary of CCCS and the types of services they offer. CCCS offices are members of the NFCC. The NFCC used to stand for the National Foundation for Consumer Credit but changed their name to National ... Read More »

Federal Trade Commission Should Allow For-Profit Credit Counseling and Debt Settlement Firms to Assist All Consumers

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I understand that the Federal Trade Commission has been looking into regulating the debt settlement industry. I feel the time has come to finally address the needs of consumers for representation in credit counseling and debt settlement matters. I have provided a statement to the FTC in order to support the acceptance and regulation of for-profit credit counseling and debt ... Read More »

Government Kills Debt Write Off And 40% Debt Elimination Plan

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All I’ve got to say is, Good! The plan would have done more damage than good and while some people might have hoped that the government would accept the creditor based plan, it was shallow and not enough to make a real difference to help people avoid bankruptcy and get out of debt. Recently I wrote an article, New Concerns ... Read More »

Financial Counselor, Credit Counselor and Foreclosure Counselor Stress

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The real world can never understand how much pressure a credit counselor, debt counselor or housing counselor deals with on a daily basis. Allowing your work to invade your walls is easy to do. Those of us who care can find ourselves worrying about the people that turn to us for help and not letting them down. But we often ... Read More »

New Concerns About 40% Credit Card Debt Reduction Proposal

Last week I wrote an article Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out but more information has come to light since then. While consumer advocates are happy about the possibility of getting banks to write off as much as 40% of the debt in order to help consumers avoid bankruptcy, this ... Read More »

Banks Agree to Wipe Out Up to 40 Percent of Credit Card Debt But Watch Out.

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Credit card lenders include Discover Financial Services LLC, Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Capital One Financial Corp., American Express Co. and HSBC Holdings have finally come together with the help of the National Foundation for Credit Counseling, Consumer Federation of America and the Financial Service Roundtable to start the process of creating a debt solution, ... Read More »

Groups seek credit card debt forgiveness

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Groups seek credit card debt forgiveness BusinessWeek - 34 minutes ago issue around 80 percent of all US credit cards. Americans now are weighed down by around $900 billion in credit card debt , according to Federal Reserve figures. Read More »

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