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Are There Any Legitimate Debt Consolidation Programs. Consumer Debt Resolution Initiative Looks Like a Scam. – Ruth

“Dear Steve,

Owe $19,000 in credit card debt, plus medical bills of $3000, car loan $1500, timeshare loan $4000.

Are there any legitimate debt consolidation programs ? They all seem like scams…got one today from “Consumer Debt Resolution Initiative”….looked official but how stupid do they think I am ? Or is desperate a better word?


Dear Ruth,

There are some legitimate debt relief programs out there. There are some good players in each of the debt relief categories of credit counseling, bankruptcy, debt settlement and debt consolidation loans.

The trick is to find these good players.

For the most part, those companies that try to market their product the most on television, radio and through mailers offer the least value. This is probably because they have huge marketing costs and try to go for the sale each time someone calls rather than helping someone find the most appropriate solution to their problem.

I have found that Damon Day is one such advisor that does that the time to talk to an individual and help them to find the correct solution and company for an individual based on their goals, situation and motivation.

The mailer you mentioned seems to be designed to fool or trick people into believing there is some government program or sanctioned initiative by participating in their debt settlement program. You can read my previous posting on this similar marketing approach, here.

Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.


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.

About the author

Steve Rhode

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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