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I Am Barely Scooting By Paying My Bills. – Carla

time bomb

I owe just under $22,000 in credit card debt. This consists of several cards ranging from $5000 down to $600. I am one month past due on my first mortgage and several months past due on the 2nd (which is an equity line of credit) Right now they are reviewing for modification of the second. The first mortgage modification has ... Read More »

Bankruptcy, Depression & Suicide. The Most Avoidable Tragedy.

Don't give up, there is truly a light at the end of the tunnel if you will just open your eyes.

People with problem debt are likely to be depressed. My own study in 2001 found that of those people who reached out for help 39.71% were clinically depressed and another 9.56% identified themselves as moderately depressed. Women tended to be more likely to show symptoms of depression than men. You can read more about this study at Survey Finds Debt ... Read More »

FTC-CFPB Debt Collection Roundtable Suggestions Could Kick Credit Counseling and Debt Settlement in the Nuts

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This past week the FTC and CFPB held a joint roundtable meeting where they brought together debt collection industry participants to talk about reforms in the debt collection space. A most interesting fact came out of the meeting, that the non-appearence rate among consumers being sued for debt is about 90%. That doesn’t surprise me. What does surprise me is ... Read More »

New Life Consultants / New Life Financial Solutions Gets a CT Time Out

Cure the disease

The Connecticut Department of Banking has issued a cease and desist and civil penalty against New Life Consultants / New Life Financial Solutions for running afoul of the Debt Adjusters and Debt Negotiation statutes. After giving the New Life folks a chance to respond, the State gave up and has now issued a $100,000 fine against the troubled company. – ... Read More »

June, 2013 G19 Release Shows Little Movement for Debt Relief Industry

DDPChart

The latest G19 report is out from the Federal Reserve. Typically the debt relief industry is most interested or able to deal with revolving debt such as credit cards. The April, 2013 data just released shows revolving consumer debt rose at an annual rate of 1 percent while nonrevolving consumer debt rose at 6.4 percent. Nonrevolving debt includes automobile loans ... Read More »

My Mother Died, I’m Behind on Rent and My Car. I’m Scared. – Michelle

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“Dear Steve, My mother passed away in October – no life insurance – I took out 2 pay day loans and 3 payday installment loans to cover expenses and then my bank finally gave me a loan for her funeral expenses. But now I am caught in the vicious payday loan cycle and can not take care of daily living ... Read More »

You Literally Saved My Life and Financial Future. Thank You. – Steve

bankruptcy congratulations

“Dear Steve, I just wanted to say thank you as I owe you a debt of gratitude! My partner lost his job due to a health issue and has been unemployed for five years–I tried (in vain) to sustain my debts. I tried every resource to stay afloat. I quickly learned that there are resource to provide loans, payday loans, ... Read More »

I’m So Afraid of Bankruptcy. – Matt

storms

“Dear Steve, I have a lot of credit card debt and a home in foreclosure. My credit score is really hurting and so the attorney for the foreclosure advised us to declare bankruptcy. We have two cars and dont know how to handle the cars with regard to bankruptcy. My wife makes no income and I don’t know how she ... Read More »

We Have a Lease to Own Our House But I Credit is Terrible. – Colton

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“Dear Damon, I work a salary based job at 35 k yr my wife is a stay at home mom with two children we are tied into a lease to own on our house that we are supposed to find financing for in about a year from now. I’m 25 k in medical debt do i file chapter 7 or ... Read More »

Can I Trust Debt Settlement Companies Who Promise Big Results? – Lisa

hiding

“Dear Damon, I am $30,000 in debt. What would be your advice in dealing with companies of debt settlements who claims to reduce your debt by 50% and charges you 20-23% interest if your total debt? Lisa” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, ... Read More »

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