I’ve previously written about the marketing efforts of Golden Financial Services but the press release sent out by them today is frankly, just flat out embarrassing.
The press release is to promote a website “No More Credit Cards.” The release identifies Rachell Donovan as the contributing editor of the site and quotes he as saying “debt settlement or debt negotiation is now a regulated credit card relief program and can be the fastest way to pay off credit cards, while also saving consumers the most amount of money in the end. Lawsuit defense, creditor harassment protection, asset protection and having a litigation preparedness program provided to consumers are all amongst the many necessary services that must go along with a debt settlement program. Any debt settlement company not including these key services for consumers that are entering into a debt settlement program, are failing to provide their customers with the level of protection that is needed.”
Melissa Arguelles, a manager at Golden Financial Services says, “It’s amazing how much money consumers can actually keep in their pocket or bank account by simply doing a basic budget analysis and restructuring their spending habits, or by signing up for the right credit card relief program depending on their situation.”
I guess it’s an either or for them. But that’s not the embarrassing part for the debt relief industry, the site is.
The anonymous site at nomorecreditcards.com is registered by Paul Paquin at GFS. But a consumer visit to the site provides no identification of who is really behind the site. Even the about us page is absent any identifying information.
And what’s with the graphic on that page? Why is the gleeful woman holding a credit card in her hand with a caption that reads “No more credit cards”, Bueller, Bueller? Honey, they are about to take it away. Enjoy it while you can.
But what idiot wrote the advice on this site. Here is what they say about bankruptcy:
With other options such as debt settlement it will feel much better in the end when you do become debt free because you will have paid your debt back, but at a reduced amount based on your income and situation.
With Bankruptcy, assuming you have a top bankruptcy attorney helping on your case, you would only have to pay attorney fees when qualifying for a chapter 7 Bankruptcy. The problem is that it basically restricts your future financially for the next 7 years. If you need a new car or any type of loan over the next 5-7 years, assuming you can qualify, creditors will automatically give you the highest interest rates seeing that you have bankruptcy on your credit. High interest is the worst! Example: If you have $30,000.00 in debt and a 20% interest rate, paying $600 monthly on that debt will end up costing you $130,254.50 in INTEREST ALONE, and according to the CNN Debt Calculator it will take you 85 years to pay the debt off. WOW!
Bankruptcy can also be embarrassing. Having bankruptcy on your credit could prevent you from being able to buy or rent a new home, obtain new employment, insurance and many more negative consequences consumers experience after declaring Bankruptcy. Chapter 13 Bankruptcy is even worse because of the fact that you still will pay back more than half of your debt, plus have bankruptcy with you for the next 7-10 years. Bankruptcy is a good option if you don’t qualify for debt negotiation or debt settlement.
When entertaining bankruptcy as an option it is important to examine a Chapter 9 Bankruptcy, Chapter 13 Bankruptcy, Chapter 11 bankruptcy and most importantly don’t just go with any cheap bankruptcy attorney. – Source
Besides most of that information just being flat out wrong, chapter 9 bankruptcy? Chapter 9 is for municipalities like cities and towns.
The press release goes on to say people should only work with debt relief companies that have “0 unresolved customer complaints with the Better Business Bureau.” Golden Financial Services has had 12 BBB complaints in the last three years with six of those occurring in the last 12 months. While they currently have an A- rating, this piece of marketing and their No More Credit Cards website is a misinformed and deceptive disgrace for the debt relief industry. – Source
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