So What About Jesse Neisen and, Should I Go With Him? – Mary

“Dear Steve,

I have $83K in credit card debt and I am current with payments and have not had a late payment in many years. Regardless of my payment history, my card issuers have all significantly raised the interest rates which is making it difficult to make my payment.

I have been communicating with Jesse Neisen ( regarding entering a debt settlement program, but I have not yet committed. I hesitant to go this route, but the debt management companies have been unable to significantly lower my average rate to make my situation any better than I already have.

I am virtually moments away from submitting my paperwork for the settlement program, but scared witless. I also went through a bankruptcy in 1999 and have been so proud to keep my debts in check for the past 20 years. Unfortunately, my husband expe rienced a $22k/year drop in pay in July 2006, and this is the mitigating circumstance that has led us to this point.

In your opinion, should I go the settement route? My credit rating has dropped from 720 to 615 in the last 2 years. I’ve already closed several card accounts to try and keep my rates low, but doing this is screwing up my credit rating as well. HELP! I’m so afraid of doing something that will make me worse off than I already am!


Dear Mary,

I don’t know Jesse except for visiting his website and seeing him on Twitter @DebtGoToGuy.

From what you have said and a look at the site it does appear he is focused towards debt settlement.

In my humble opinion only people that have cash on hand and are fully aware of the tax and credit implications of debt settlement are good candidates to embark on that route.

If you would have to enroll in a debt settlement program and then save money each month over years before debts can be settled that path is problematic at best.

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But I think Jesse and others would agree with me that the only way to make a fully informed decision about what is right for you is for you not to latch on to any one solution before researching all of them. You’ve already checked out credit counseling, good for you.

If you have not met with a bankruptcy attorney, you should. You don’t need to meet with them to go bankrupt, but to understand what bankruptcy would offer and mean for you in your situation. Most bankruptcy attorneys offer a free consultation so it’s not going to cost you anything.

Just find a local bankruptcy attorney you like, make an appointment, and go in and meet face-to-face. Do that before you sign on with any program from anybody.

Once you meet with the bankruptcy attorney you can then make an educated decision about what is best for you based on the facts and multiple options. Right now it sounds like you are simply trying to decide if the route is the best for you but that’s a bit like saying is a car tall, compared to what?

I know you went through bankruptcy before but times have changed. Also, I want you to avoid making this decision based on fear, but on knowledge.

While it sounds like you want to avoid bankruptcy for fear of how it will impact your credit, your current situation is already lowering your score and debt settlement will also.

It’s time for an informed and organized plan of action and not a knee-jerk reactionary solution. Do you agree?

So does my suggestion make sense to you? Does it sound like a prudent course to follow before you leap at any particular solution?

Please update me on your progress by

You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

P.S. Be sure to read ‘The Secret of Surviving Through Difficult Economic Times. What I Learned On My Journey‘.

Damon Day - Pro Debt Coach

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Steve Rhode

1 thought on “So What About Jesse Neisen and, Should I Go With Him? – Mary”

  1. Hello Mary,
    Steve provides great advice as usual. You never want to make any decisions until you explore all available options in detail. I recommend you meet with at least 2 BK attorneys and possibly a third if the advice of the first two differ from one another substantially. A good resource to find a local BK attorney is

    There you should be able to find a consumer advocate attorney in your area. As far as freedom debt relief. I don’t have any experience with them personally. There are mixed reviews online, as with almost any company. Just make sure to look over the contract numerous times before signing it. You will want to know what the fees are and when they are paid.

    Try to stay clear of companies charging large fees, taken in the beginning of the program. If you decide that debt settlement makes more sense over BK, then look around at many companies. You can usually locate one that will charge you a performance based fee on the back end, although there are only a few of them.

    Also there are a few reputable companies that can actually teach you how to negotiate with creditors on your own and save a good amount of money on the fees.

    The main thing is to first decide the best approach, and then you can decide if there is a program out there that will best suit your needs.
    .-= Damon Day´s last blog ..The Association of Settlement Companies – TASC – An Introduction =-.


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