CBS News Sells Out Struggling Consumers With Affiliate-Driven “News” Article
Quick Answer: CBS News published an article about credit card debt restructuring that fails to mention bankruptcy—the most effective debt relief option—while steering readers to affiliate partners who pay CBS commissions. This isn’t journalism. It’s advertising disguised as news.
When a “news” organization puts commissions ahead of consumer education, everyone drowning in debt loses.— Steve Rhode
I’ve been helping people with debt since 1994, and I’ve watched the media landscape shift from consumer advocacy to affiliate marketing. But CBS News’s recent article “Can credit card debt be restructured?” crossed a line that should alarm every American struggling with debt.
Let me show you exactly what’s happening here—and what CBS conveniently left out.
Every weekday I read the enforcement actions, filings and fine print the outlets skip, and turn them into the one or two moves that actually improve your position — a rate worth moving for, a fee you can refuse, a deadline to beat before it costs you.
In the latest issue (Oct 6): When fear picks your debt plan
I write Your Money Actually most weekdays — actionable money information you will not find anywhere else, and the small decisions that compound. It is free, I sell nothing, and I take no money from any company I write about.
The Disclosure They Hope You’ll Ignore
Right at the top of this “news” article, CBS includes this disclaimer:
“We may receive commissions from some links to products on this page.”
Read that again. CBS News—one of America’s most trusted news organizations—is collecting commissions when you click their debt relief recommendations.
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This isn’t news. This is advertising with a CBS logo slapped on it.
What CBS News Told You
The article, written by “Senior Editor” Angelica Leicht, covers these debt relief options:
- Hardship programs
- Debt management plans
- Debt settlement
- Debt consolidation loans
Sounds comprehensive, right? Except they left out the single most powerful tool available to Americans drowning in debt.
What CBS News Didn’t Tell You
The Glaring Omission: Bankruptcy is not mentioned. Not once. Not even as an option to consider.
Think about that. A major news organization publishes an article about restructuring credit card debt and completely ignores the legal process specifically designed by Congress to help Americans get a fresh start.
Why would they do that?
Simple: You can’t earn affiliate commissions on bankruptcy.
There’s no “Click here to file Chapter 7” affiliate link. Bankruptcy attorneys don’t pay CBS referral fees. So bankruptcy doesn’t exist in CBS’s version of reality.
The Math CBS Doesn’t Want You to See
Let me show you what CBS’s affiliate partners don’t want you to know:
✓ Bankruptcy (Not Mentioned by CBS)
- Completed in 3-4 months (Chapter 7)
- Protects retirement accounts 100%
- Stops lawsuits, garnishments, harassment
- Credit score often RISES within 12-18 months
- Fresh start with legal protection
✗ Debt Settlement (CBS’s Affiliate Partner)
- Takes 3-5 years to complete
- Only ~50% completion rate
- You may get sued while “saving up”
- Forgiven debt is taxable income
- Companies take 15-25% in fees
I Founded a Credit Counseling Organization—Here’s the Truth
In 1994, I founded Debt Counselors of America (later Myvesta). I grew it to 70 employees. I had staff psychologists, lawyers, CPAs, and debt counselors all working to help people.
You know what I learned from the inside?
The debt relief industry is driven by sales quotas, not consumer outcomes. I watched good counselors pressured to enroll people in programs that weren’t right for them. I saw the completion rates. I know what happens behind closed doors.
That’s why I shut it down. And that’s why I now tell people ALL their options—including the ones that don’t make anyone money.
The Federal Reserve Study CBS Ignores
Here’s research CBS could have cited but didn’t:
A Federal Reserve study found that people who file bankruptcy do better financially than those who don’t—even when they qualified for bankruptcy but chose other options instead.
But that study doesn’t have an affiliate link attached to it.
Who Benefits From CBS’s “News”?
- CBS earns affiliate commissions
- Money.com (their partner) earns referral fees
- Debt settlement companies get new clients
- You? Get steered away from potentially better options
Notice who’s missing from the winner’s circle? The person drowning in debt.
What “Journalism” Used to Mean
Real journalism would have:
- Presented ALL options, including bankruptcy
- Disclosed completion rates for each option
- Explained the true cost of each path
- Interviewed consumer advocates, not just partners
- Put reader interests above commissions
Instead, CBS gave us a sales funnel dressed up as news.
My Message to CBS News
You have a responsibility. People trust the CBS name. When someone Googles “can credit card debt be restructured” and finds your article, they believe they’re getting objective information.
They’re not.
They’re getting a curated list of options that happen to pay you commissions, while the most powerful legal protection available to American consumers—bankruptcy—is nowhere to be found.
That’s not journalism. That’s a betrayal of public trust.
What You Should Actually Know About Debt Relief
- Bankruptcy exists and it’s often the fastest path to financial recovery
- Credit scores rise after bankruptcy—often within 12-18 months
- Retirement accounts are protected in bankruptcy (not true for years of debt settlement payments)
- Debt settlement has ~50% completion rate—half of people fail out
- Always consult a bankruptcy attorney (free consultations) before choosing any debt relief path
The Bottom Line
CBS News published affiliate marketing disguised as consumer advice. They steered struggling Americans toward options that pay CBS commissions while completely ignoring bankruptcy—the one option designed specifically to help people get a fresh start. This isn’t journalism. It’s advertising. And it potentially harms every person who reads it thinking they’re getting unbiased news.
You deserve to know ALL your options so you can make an informed decision that’s right for YOUR situation. That’s what I’ve dedicated my career to since 1994. It’s apparently not what CBS News is dedicated to anymore.
… (Source: CBS News)
Frequently Asked Questions
Why didn’t CBS News mention bankruptcy?
Most likely because bankruptcy attorneys don’t participate in affiliate programs. CBS disclosed they “may receive commissions from some links”—bankruptcy doesn’t generate commissions, so it wasn’t included. This is a fundamental conflict of interest in what’s presented as news.
Is debt settlement better than bankruptcy?
For most people, no. Bankruptcy is faster (3-4 months vs. 3-5 years), protects retirement accounts, stops lawsuits immediately, and credit scores often recover faster. Debt settlement has roughly a 50% completion rate and the forgiven debt is taxable. Always consult a bankruptcy attorney before choosing debt settlement.
Can I trust financial advice from news websites?
Be skeptical of any financial advice that includes affiliate disclosures. When a publication earns commissions from recommendations, they have a financial incentive to steer you toward paying partners—not necessarily the best option for your situation. Look for advice from sources without financial conflicts of interest.
What should I do if I’m struggling with credit card debt?
First, consult with a bankruptcy attorney (most offer free consultations). Understand ALL your options before making a decision. Don’t let anyone—including news organizations collecting affiliate fees—limit your choices to only the options that make them money.
Dealing With Debt? Understanding your options is the first step. See how all your debt relief options compare — including ones most sites won’t tell you about. The Find Your Path quiz gives a recommendation based on your actual numbers, and the Scam-O-Meter checks any company’s complaint history before you sign. Federal Reserve research shows bankruptcy filers recover faster than those who don’t file.
