I just saw the Credit Answers television ad on television. The messages it contained struck me as bordering on deceptive and misleading.
The impression an average viewer will get from this ad is that government bailout programs given them a right to settle their debt and that debt settlement will be less harmful than bankruptcy.
Watch the ad below and read the messages I pulled out from it and then give me your opinion in the comments.
- “Do you know if you qualify for the credit card bailout program?”
- “If your credit card debt is out of control there is powerful information you need to know about the new credit card reform act.”
- “If you have more than $10,000 of credit card debt you have the RIGHT to settle that debt for a fraction of what you owe, with monthly payments you can afford.”
- “Credit card companies have been given billions and need to clean their books once and for all and that’s great news for you.”
- “Don’t declare bankruptcy.” voice over image that says “preserve your financial integrity.”
- “For free information on how to settle your credit card debt in a government bailout era call now.”
For the life of me I don’t know how debt settlement would “preserve your financial integrity.” How is paying back less than what you owe and being subject to collections activity and possible lawsuits of more integrity than seeking protection under the law.
And how in the world does anyone have the “right” to settle their debt. Their is no right given to consumers under any bailout provision, action, or ruling. Consumers have no “right” to settle their debt. They may “want to” but that’s a huge difference between a “right” as granted under law.