Debt Relief Industry

$$$ Make a Lot of Money $$$ Selling Debt Settlement. At Least That’s What the Ad Says.

A tipster (send in your tips here) sent me in a tip to look for the following advertisement.

Apparently we’ve all been misled and the debt settlement industry is exploding with opportunity because the ad says debt settlement is a “fast expanding industry” and people can make a lot of money.

The email address in the ad links back to Credit911 and Mission Debt Settlement. – Source

The company states it is a member of TASC but there was no listing for this company with TASC. – Source

So the irony here is that not only have many consumers been misled in the past when “sold” debt settlement by commissioned sales people, but now job applicants responding to this ad may not be getting the full story about the swift contraction of the debt settlement industry.

Sincerly,
Steve

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.


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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.

5 Comments

  • As long as the credit card companies play tricks with statements and hike up rates and add exorbitant fees to people already in distress, debt settlement will be a viable solution.  I wish the feds would really do something about the credit card companies.

    Check this out if you guys haven’t seen it already.
    http://www.pbs.org/wgbh/pages/frontline/creditcards/

  • Just to be fair, I have regular contact with around 200 firms that are doing quite well in the space. There are also more companies joining the industry every month. The future of the industry, however, has losy confidence in the leadership of the space and have evolved into a completely different industry. In the one camp, you have the “loopholers” making up around 60-70% of the players. In the other camp 30-40%, you have the true future of the space, quietly uninvolved, working diligently to provide quality services to the people that need it most. There are millions of people struggling financially in America. Current marketing doesn’t work and has evolved substantially. The solid, hard working debt companies, running the FTC compliant models are the ones creating the new future. So, growing? Yes. Growing in the visible way that we have seen in the past? No. On a side note, many of the providers that are on the FTC compliant side are offering referrals through the proper debt relief product after a thorough evaluation. As we all know, there are several appropriate avenues for debt relief depending on the client’s specific situation and risk tolerance.

  • Just to be fair, I have regular contact with around 200 firms that are doing quite well in the space. There are also more companies joining the industry every month. The future of the industry, however, has losy confidence in the leadership of the space and have evolved into a completely different industry. In the one camp, you have the “loopholers” making up around 60-70% of the players. In the other camp 30-40%, you have the true future of the space, quietly uninvolved, working diligently to provide quality services to the people that need it most. There are millions of people struggling financially in America. Current marketing doesn’t work and has evolved substantially. The solid, hard working debt companies, running the FTC compliant models are the ones creating the new future. So, growing? Yes. Growing in the visible way that we have seen in the past? No. On a side note, many of the providers that are on the FTC compliant side are offering referrals through the proper debt relief product after a thorough evaluation. As we all know, there are several appropriate avenues for debt relief depending on the client’s specific situation and risk tolerance.

  • ha ha, Rapidly expanding industry? Around a year ago TASC and USOBA where claiming around 400 members between the two of them. Now the TASC site says 54 members and counting. “And Counting?” Every few weeks I check it and it is getting lower and lower. They are expanding so fast it is going backward. 🙂

  • ha ha, Rapidly expanding industry? Around a year ago TASC and USOBA where claiming around 400 members between the two of them. Now the TASC site says 54 members and counting. “And Counting?” Every few weeks I check it and it is getting lower and lower. They are expanding so fast it is going backward. 🙂

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