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Is There a Debt Solution Company You Would Recommend? – Donnie

Written by Steve Rhode


Dear Steve,

Due to medical issues and a large percentage (25%) loss of salary my wife and I are in serious debt. We owe approximately 52,000.00 in credit card debt. I am looking at some debt solution companies at possibly helping get this debt under control and paid off in a reasonable period of time.

Is there a particular debt solution company that you would recommend? We are very serious about getting this debt under control and getting free from it by paying it off. We live in South Carolina.



Dear Donnie,

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I don’t think there is a perfect one-size-fits-all debt solution company since the best solution is dependent both on your financial goals and emotional desires.

Before you pick the right service provider I think you need to determine what solution is going to be the most logical to address your situation. You can try my online Get Out of Debt Calculator to get an idea of the pros and cons of each major option.

You see most debt relief service providers naturally lead with their own widget. There are very few independent debt coaches out there like Damon Day and Michael Bovee who have the experience to help people evaluate all options.

When dealing with debt the first, second, and third option to consider is bankruptcy. Bankruptcy is the only option that gives you legal protection against your creditors that you can control. Rather than the typical message that most debt relief companies give you that bankruptcy is the last option to consider, I think my article “So You Are Going to File Bankruptcy. That’s Great News. Congratulations.” is more on track with reality.

There is no doubt that the fastest and least expensive way out of debt is a consumer bankruptcy. Most of what you hear about bankruptcy is wrong and the ironic truth is people who file bankruptcy do better financially in the future than those who don’t file.

READ  I Started Spending More Than I Could Afford and Now I'm Deep in Debt

But if you are serious about dealing with your debt situation I think you should read How to Get Out of Debt. The Honest and Unvarnished Truth. That will give you a unique perspective on what you need to consider before you ever leap at a solution.

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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.

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