Mike Croxson from CareOne and I Talk About The New FTC Rules, Attorney Model Debt Settlement and the Lack of Clarity in Credit Counseling

Mike Croxson, the president of CareOne, a provider of debt settlement and debt management plans, and I chat about current events in the debt relief world.

Some of the issues Mike and I talk about:

  • Where are the loopholes from the Federal Trade Commission telemarketing sales rules.
  • What is the endgame to chasing loopholes.
  • The access to attorneys for debt settlement services.
  • How debt settlement companies insert themselves into an attorney model process.
  • The view of employees of debt settlement companies that feel they are put out of work because of the Federal Trade Commission.
  • What happens when a debt settlement company decides they can no longer operate.
  • If there is a time for regulation and consumer protection.
  • Does the FTC rule go too far or not far enough.
  • The future of the Debt Settlement Consumer Protection Act.
  • What will happen when the Consumer Financial Protection Bureau gets involved in the future.
  • What the impact is on state regulation based on the delivery of the debt settlement rules by the FTC.
  • If debt settlement trade associations are being shortsighted in pushing the envelope to block regulation.
  • The bigger and heavier hammer hanging over the debt settlement industry and why it is not the FTC.
  • Why the business model of the front loaded debt settlement companies was flawed and why.
  • Why consumers complain they are not getting a benefit from debt settlement.
  • The forecast of debt settlement looking ahead.
  • Why many new companies are going to get into debt settlement.
  • The conflict that non-profit credit counseling has of representing creditors over or versus consumers.
  • State licensing versus federal licensing for debt relief companies
  • State enforcement of federal rules.
  • The upcoming and future role of the Consumer Financial Protection Bureau.
  • If non-profits and for-profit debt relief organizations should operate under the same rules.
  • Why more focus needs to be directed towards the current funding model of non-profit credit counseling groups.
  • Who really drafted the Debt Settlement Consumer Protection Act.
You can listen to the interview below.
Listen to Mike Croxson Interview


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2 thoughts on “Mike Croxson from CareOne and I Talk About The New FTC Rules, Attorney Model Debt Settlement and the Lack of Clarity in Credit Counseling”

  1. This is too funny. CareOne does the settlement for Persels & Associates for tens of thousands of debt settlement customers. Their attorneys have several hundred “clients” each, for which they get $8 a head each month, while CareOne gets $50.


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