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Tag Archives: debt settlement

Disappointing Debt Relief Mailer Leads to Debt Defense Services

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A new debt relief mailer, which you will see below, poses as an official document but in fact leads to a potential sale for Debt Defense Services according to the tipster (send in your tips here). What do you think, is the mailer deceptive or perfectly fine from your point of view? Add your comment below. An amazing reader CLK ... Read More »

Why People Have a Tough Time Shopping for Debt Help

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The Federal Reserve Bank of Philadelphia published a paper by Stephanie Wilshusen which made some very enlightened observations about why consumers struggle with getting out of debt. In the paper, “Meeting the Demand for Debt Relief” it describes the options available to borrowers who seek assistance in managing their debts and discusses the information and incentive problems associated with these ... Read More »

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

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“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 »

We Are On Disability and Social Security and the Debt Settlement Company Says They Can Help. – Brett

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“Dear Damon, I am on disability with a an income less than 30% of my working income. My wife has a start-up business that continues to lose money and has been unsuccessful at finding a job. During the last 6 years on disability we burned through our savings as well as accumulating about $200,000 in unsecured credit card debt. Although ... Read More »

I Suggest Bankruptcy Too Often, So Say Some

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I really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too often. For more information on this topic, please see all the links in my free guide about how to deal with debt. So ... Read More »

How Debt Settlement Employees Can Avoid Long Jail Time

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Yesterday a U.S. Attorney announced criminal charges against debt settlement company owners and employees for fraudulently selling debt relief services to consumers in financial trouble. The Indictment laid out a pattern of activity that many inside debt settlement companies will recognize, if they swivel their chair around. Sadly, what has been assumed to be the normal way to run a ... Read More »

Debt Collection Companies Still Think Debt Settlement Offers Are Too Low

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A tipster (send in your tips here) pointed out to me an article in insideARM today that talks about why about half of debt collection companies do not yet work with debt settlement companies. “The second most interesting data point to emerge was only one of the top six reasons for not working with debt settlement providers related to the ... Read More »

Debt Settlement Pros and Cons. My No BS Guide to Settling Your Debt.

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I’m shocked. Apparently I’ve never written an article on the advantages and disadvantages of debt settlement and what to look for or watch for when you go to settle your debt. So here goes. The process of settling debt is age old. It goes back to the time credit was first extended. It’s nothing new. In fact, merchants have been ... Read More »

What Repaying Your Debt Will Cost You in Retirement – Calculator

What Will Debt Repayment Cost You in Retirement?

This calculator demonstrates the future retirement financial loss you may experience when electing to repay your debt with an extended repayment program offered by creditors, credit counseling or debt settlement, rather than intervene on your debt with solutions like bankruptcy which terminate the debt quickly and allow you to resume saving again for retirement. Calculate how much repaying your debt ... Read More »

Our Income Dropped. Is Debt Settlement The Way to Go? – Kim

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“Dear Steve, Our financial situation has totally changed in the last 3 years. We are making 15-20K less a year and our expenses have increased. We currently have about 39k in credit card debt. We are no longer able to pay even our minimum payments as well as all other househould bills. We are thinking of doing debt settlement, but ... Read More »

How Does Debt Settlement Work? – Seth

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“Dear Steve, My parents really need to figure out some way to get out of Debt. I just heard of a debt settlement. How do debt settlements work? And do you advise using them? Or should they just go with a debt consolidation? They have good credit, but really need a solution. Seth” Don’t miss our free Get Out of ... Read More »

Is This Really Going to Be My Tax Liability When I Settle My Debt? – Joe

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“Dear Steve, I understand that there may be tax liabilities on a Debt Settlement if you’re not Insolvent at the time. I know you’re not a Tax Man, but can you help me see if my assumptions are correct? $50,000 of Debt increases to $55,000 by settlement Settle at 40% = $22,000 Forgiven Debt Income = $33,000 Wife and I ... Read More »

I Want to Settle My Debt But Will My Credit Score Drop? – Mariam

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“Dear Steve, My annual income is 22,000. a year, I have almost 12,000 in debt, i want to debt settlement, because its tooo much Ive been paying my minimum payments and i am current. I want debt relief, on my income I cant pay it back just tooo much, i want to know about how much would they settle, me ... Read More »

The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line

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It’s probably a bad idea to start off with a negative but here it is, people in the debt relief industry are going to hate this article. Even friends of mine in the industry will be bummed. And why, because this article will tell you everything you need to look for when checking out a debt relief company to work ... Read More »

Debt Settlement Myth #6: It’s Safe To Take 36-48 Months To Settle My Debts

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This is the sixth in a series of posts discussing the most common myths about do-it-yourself debt settlement. Most traditional debt settlement firms are still quoting program durations of 36-48 months, sometimes longer, and clients are led to believe that it’s safe to take that long. By “safe,” I mean a low risk of lawsuit activity. After all, multiple lawsuits ... Read More »

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