Is Credit Card Modification a Scam or a Good Choice With Finance Solutions and Bedrock Law Firm?


Dear Steve,

I have about $35,000 in credit card debt and have been contacted by a company to do a credit card modification. I am concerned about the consequences for not paying my credit cards-being sued. I want to make sure that I am making the right choice prior to stopping payment. I think that this is the best option for me vs. filing for bankruptcy.

I am looking to do a credit card modification and am wondering what the best company (or company recommendations) you might have. I have been contacted by Finance Solutions-Bedrock Law Firm. I have decided that this is the best plan for me as I have a large amount of credit card debt. Is it better to try and negotiate with the credit card companies myself?



Dear Heather,

That’s it, it’s official, I’ve had it with this “Credit Card Modification” marketing gimmick many are using.

Credit Card Modification – Arrrrgh

Credit card modification is just another term for debt settlement or some interference or assistance between you and your creditors.

Finance Solutions describes their credit card modification program as, “A Credit Card Modification Program is a strategic approach to negotiating with your creditors to lower the amount that you owe them, on a monthly basis and overall. The typical results of a Credit Card Modification Program include resolving your debt in two to four years, depending on the amount of your debt, and paying your creditors a lower amount than you currently owe.” – Source

It appears that is actually what Finance Solutions says Bedrock calls it. “Bedrock shall make all reasonable efforts* to obtain Client’s approval for any settlement offer obtained on Client’s behalf. In the event Bedrock cannot contact Client after making reasonable efforts, Client authorizes Bedrock to proceed with any settlement resulting in a savings of 50% or more of the Client’s enrolled debt.” – Source

Credit card modification seems to just be another quacking duck for debt settlement.

As far as I’m concerned that’s a duck walking and quacking debt settlement. It appears Finance Solutions and others are trying to reinvent the name of debt settlement into a new process.

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Is debt settlement right for you in your situation? Who the hell knows without doing a comprehensive financial analysis. Were you contacted by a commissioned sales person trying to close the sale? Did they review your overall situation and goals or just make a sales pitch for you to buy their credit card modification program?

If you want to compare what options are available, use my Get Out of Debt Calculator. But here is a fundamental issue you are going to have to deal with, outside of bankruptcy or paying off the debt with a new loan, it is highly unlikely a single type of solution is going to accomplish your goals.

Do You Have a Question You'd Like Help With? Contact Debt Coach Damon Day. Click here to reach Damon.

Credit card modification is not a magic solution for all debt problems

Penicillin is a miracle drug but it’s not the right fit for every illness. Debt settlement or credit card modification is a solution but that doesn’t mean it’s appropriate for every debt and every situation. You have to use the right medication or treatment for the unique situation a patient might have.

Ultimately the best solutions are going to be those that take your current financial situation into consideration and your future financial goals. Maybe you have not been saving for retirement at a good rate and need to start now; then bankruptcy might be the best choice since it is typically the least expensive way to get out of debt in the shortest period of time. Maybe you can’t waste time and risk losing retirement savings in a multi-year repayment plan. You can calculate your retirement losses here.

Maybe you want to try to settle your own debt, if so you can read how to do DIY debt settlement right here.

Maybe you want to pay someone else with more experience to settle your debt, that’s your choice. But are you hiring an expert or a clerk? Ultimately only you can make the best choice by doing some homework instead of relying on my advice or that from a commissioned salesperson with a debt relief company. You can check out any debt relief company using the guides below.

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And when it comes to bankruptcy, read this and this before you make any decision.

Damon Day - Pro Debt Coach

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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