Consumer credit counseling subjects and topics can be found here. A discussion of consumer credit counseling and the impact and benefits it may have are discussed here.
Question: Dear Steve, I signed up for debt reduction management counseling and enrolled in a program with DRS Money Fit. I’ll be paying them a monthly amount, which will go towards my balance with a few payday lenders with whom they have existing relationships. Is DRS Money Fit credible or a scam? Tarik Answer: Dear …
Question: Dear Steve, I’m living on permanent disability and dealing with credit card minimum payments that are eating most of my monthly income. I have been told that ACCC American Consumer Credit Counseling (the nonprofit organization) is great at reducing interest rates and monthly payments by 50%. Is this true? Are they reputable? What could …
Question: Dear Steve, Should I use a company like Apprisen to enter a debt consolidation program? It would help me lower my interest rate and get back on my feet. But, it almost seems too good to be true. Is it? Louise Answer: Dear Louise, The only answer I can give you from the information …
Q: Is it legal for a mortgage company to all of a sudden demand a deferment balance from 10 years ago now, or will they foreclose on the home I am one month behind on the monthly payment? A: That sounds a lot like a balloon mortgage (a mortgage in which a large portion of …
Question: Dear Steve, I am $25,000 in debt. I gross $60,000. Should I use CCCS services or try to do this on my own? I’m overwhelmed, single mom, two kids, mortgage. I have no breathing room left. The very card is maxed, and now with interest, I will be over my limits. Should I use …
U.S. Senators Sheldon Whitehouse (D-RI), Sherrod Brown (D-OH), Elizabeth Warren (D-MA),Tammy Baldwin (D-WI), and Richard Blumenthal (D-CT) are introducing The Medical Bankruptcy Fairness Act of 2021 to help consumers. Who knows if it will pass but one part of the bill takes direct aim at the debt relief industry. Introduced nearly 15-years ago where the …
Question: Dear Steve, A friend of mine is wondering if Greenpath is reputable. Is Greenpath a reputable credit counseling service? Traci Answer: Dear Traci, These kinds of questions are as tough to answer as those that ask if some company is a scam. People have their own definitions of words like reputable or scam. I …
Question: Dear Steve, Single mother making $62,000 a year but recently had to rely on my credit cards due to a change in employers. I currently have $23,000 in credit card debt and looking to consolidate into one payment with a lower interest rate. I reviewed your debt management calculator and would like help with …
Question: Dear Steve, I currently owe about $25,000 in credit card debt. I make a decent salary and making the payments is not a problem. I was recently looking at a loan through Consolidated Credit Corporation. The interest rate is lower and would allow everything to be paid off in 5 years, but I’m worried …
Question: Dear Steve, I was about 15000 in debt and signed up with consumers alliance about a year ago. The payments are more than I can afford and I cannot find how to opt out of the program, it isn’t on any of the paperwork I have. What can I do? How do I opt …
