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Credit Counseling Industry

Free Debt Relief Industry Regulation and Legislation Tracking

Debt Management Laws

I’m happy to announce today that both consumers and debt relief companies will now have FREE access to debt relief industry compliance, regulation, and legislation resources. This site module for the site will give site visitors fee access to be better informed and educated about debt relief industry regulations. In this module you will find: Updates on current debt ... Read More »

    Does Credit Counseling Hurt Your Credit

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    Before I wrote this article, I did a quick google search for Does Credit Counseling Hurt Your Credit and I learned 2 things. 1. That the prevailing wisdom (if that is what we are calling the first page of Google these days) seems to indicate that no, Credit Counseling also known as a Debt Management Plan (DMP) does not Hurt ... Read More »

      DebtWave Clients at Risk from CBDC Failure?

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      Just yesterday a tipster (send in your tips here) sent a copy of an email that was allegedly sent out by the nonprofit credit counseling group CBDC in Florida, here. CBDC allegedly said the reason they could not immediately continue to service consumers was because of the suspension of the Florida attorney, Clint Johnson, that had been supervising the trust ... Read More »

        CBDC Rumored to Have Closed Doors Suddenly

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        A tipster (send in your tips here) reports that effective yesterday, the nonprofit 501(c)3 credit counseling group closed their doors suddenly. According to the tipster (send in your tips here) a notice was sent out saying: I wanted you to hear this from me directly; I regret to inform you that CBDC will no longer be able to assist any ... Read More »

          National Foundation for Credit Counseling – History and Future

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          National Foundation for Credit Counseling History The largest and oldest association of nonprofit credit counselors is an association that was originally founded as the National Foundation for Consumer Credit, and later changed their name to the National Foundation for Credit Counseling. Groups that exist as members under the National Foundation for Credit Counseling (NFCC) are knows as Consumer Credit Counseling ... Read More »

            Gerri Detweiler and I Talk About Mass Joinder Scams and Does Credit Counseling Work

            Here is the recent podcast I did with my friend and fellow debt expert Gerri Detweiler. Gerri Detweiler is a fantastic debt and credit expert who is not only an awesome person but provides exceptional advice for consumers. I’ve known Gerri since 1994 and am always really proud to work with her to help consumers. Please feel free to visit ... Read More »

              Fake Nonprofit Credit Counseling Agency Robocalls Lead to Financial Freedom and Southeast Trust

              A tipster (send in your tips here) recently sent in the following robocall they had received. Listen to Robocall The robocall led me to secret shop the “certified non-profit agency” that had already approved me. The recorded message instructs callers to dial 800-706-6208. As you will read in the transcript below, when I questioned the sales representative about their bad ... Read More »

                Nationwide Financial Center Charges Big Bucks to Enroll in DMP


                A reader contacted me with a question, here. She said that a company called Nationwide Financial Center sold her into a debt management program for which she first had to pay $1,295 before she could get in to the credit counseling program. She sent me the agreement she signed to put the $1,295 on her HSBC credit card so she ... Read More »

                  More on Nonprofit Credit Counseling Group United Financial Systems

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                  A tipster (send in your tips here) sent me a link to a recent television report on the nonprofit group United Financial Systems I’ve written about previously . As of today United Financial Systems has 679 BBB complaints filed against it and has not responded to 351 of those. Sadly as I predicted in my story “United Financial Systems Looks ... Read More »

                    The History of Getting Out of Debt This Week on the Get Out of Debt Guy Show

                    In this show I talk with Dr. Louis Hyman, a consumer credit historian. We talk about the history of debt relief. He points out that the process of intervening in the debt of consumer began way back after World War I with the advent of new consumer debt opportunities. It does not matter if it was the refinancing of debt ... Read More »

                      Credit Counseling = Fishing


                      I had to share this with you. I was on a site doing some research on another company but stumbled across this listing of someone that said they worked for a credit counseling company. Look at the graphic below and have a laugh at the industry they say it is part of. Get Out of Debt Guy – Twitter, G+, ... Read More »

                        Couple Gets Out of $88K in Debt in Three Years. Exception or Rule?

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                        CNN broadcast the story below on how one couple managed to dig themselves out of debt in about three years. It is a good news story for those people that can afford the minimum payment on their debt plus pile on extra funds. In this case the couple used a credit counseling service to help them achieve their goal by ... Read More »

                          DMP Payments Late Through Americorp from First Consumer Debt Consolidation/Hess Kennedy. Who’s Responsible?

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                          A tipster (send in your tips here) sent me the following statement and I’m posting it in hopes of hearing from others with information about the situation to see if anyone has any additional scoop on the situation. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Tipster says: “Thank you for your site. I am a ... Read More »

                            Debt Settlement Fee Ban, Credit Counseling Wounded, Caller Question – The Get Out of Debt Guy Show

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                            Today we’ll be also talking about the impact the new fee ban for debt settlement services is going to have. We’ll also talk about changes that are impacting credit counseling and why people need to address their problem debt now before the economy improves too much. All that and a caller question on today’s show. Listen to Debt Settlement Fee ... Read More »

                              Offshore Debt Settlement, Morgan Drexen, Badges, Elizabeth Warren, Bed Intruder, CROA, and More – Podcast

                              Here is this weeks podcast where Damon Day and I talk about a number of debt industry issues including: Debt settlement companies settling up offshore enterprises to sell services back to U.S. residents. The odd statements made in the recent Morgan Drexen press release. You can watch video from the release here. What is the Financial & International Independent News ... Read More »

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