I Read Your Book. Is Debt Settlement Really the Way to Go? – Denise

“Dear Steve,

I’m trying to determine the correct path to follow to reduce $40,000 in credit card debt. I see so much “marketing” on the internet, media, and tv. I have read your book “Eliminate Your Debt Like a Pro”. From that book and other articles I get the impression that debt settlement is not as effective as many companies want us to believe.

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

Does the credit card act specifically address “debt settlement” or is this a unintended consequence of the act? What words in the act are debt settlement companies using in their marketing when they reference the cc act?


Dear Denise,

The impression you got that the government was somehow behind debt settlement or their is some government bailout program for credit card debt is simply the result of deceptive marketing. There is no such government bailout program.

When it comes to the effectiveness of debt settlement I think letting the historical facts speak for themselves will clarify the issue for you. I would suggest you read The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy.

Please update me on your progress by

Follow Me
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.
Steve Rhode
Follow Me
Latest posts by Steve Rhode (see all)