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,

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

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

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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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