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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 »

    Want to Pay a Lot for College But Never Graduate? Go to a For-Profit University.

    Subprime Opportunity

    In a recent report, Subprime Opportunity: The Unfulfilled Promise of For-Profit Colleges and Universities the University of Phoenix didn’t fare too well when it came to graduating students. According to the report, only 9% of student enrolled actually graduated within six years. University of Phoenix, DeVry University, The Art institute, Berkeley College, Sullivan University, Westwood College, International Academy of Design ... Read More »

      Advocates Pushing Back on FTC Proposal Over Debt Collection from Dead People

      Ready to Collapse

      The Wall Street Journal is reporting some consumer advocates are a bit flummoxed over a recent proposal by the FTC regarding diminished legal liability for debt collectors that chase people to pay the debt of dead people. “The plain language of the Fair Debt Collection Practices Act does not allow collectors to contact friends, neighbors or relatives except to obtain ... Read More »

        Another Mortgage Modification Company Shuttered – New Day Financial Solutions

        Ready to Collapse

        Out of Rhode Island comes yet another story of a consumer getting ripped off by a company claiming mortgage modification help. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

          What Do You Think, is the President Obama’s Mortgage Modification Program, False Marketing

          President Obama Mortgage Modification

          I just saw FreeLoanModInfo.net which was pitching something called “President Obama’s Mortgage Modification Program.” In light of the recent Mortgage Assistance Relief Services rules put forward by the Federal Trade Commission this site certainly seems like it would fall under the new rules as a deceptive marketing pitch. Additionally, the site is a lead generation site. It seems this site ... Read More »

            FTC Goes After Residential Relief Foundation, U.S. Homeowners Relief, National Foreclosure Relief, U.S. Foreclosure Relief, Federal Housing Modification Department, Crowder Law Group, Dinmica Finaciera, Nationwide Financial Aid, and Northern Federal Aid

            Ready to Collapse

            The Federal Trade Commission today announced a series of law enforcement actions as part of the FTC’s continuing crackdown on scams that target homeowners behind in their mortgage payments or facing foreclosure. At the FTC’s request, federal courts have halted two allegedly bogus mortgage relief operations that posed as government mortgage assistance programs, pending trial. In addition, 17 marketers have ... Read More »

              Don’t Stop Shopping for Fun When You Can Spend Less and Get a Bigger Emotional Benefit

              Shop for Fun

              The other day I was sitting in the office of Dan Ariely at Duke University and we were chatting about behavioral economics from the point of view of getting out of debt. During the conversation the comment was made that if people became aware of the connection between spending and the “high” or good feelings they experienced as a result, ... Read More »

                Debtor Nation Soon to Be Released. Pre-Order Now. I Did.


                Not that long ago I chatted with Dr. Louis Hyman, a debt historian, on my podcast, listen here. I just found out his book, Debtor Nation: The History of America in Red Ink (Politics and Society in Twentieth Century America) is now available on Amazon for pre-order. If you are interested in the history of debt, like I am, I ... Read More »

                  Roni Deutch, the Tax Lady, Ordered to Stop Accepting Fees From Consumers

                  Ready to Collapse

                  Roni Deutch, the lawyer who sells a national tax relief service, is expected to be ordered by California judge that she can no longer accept fees from consumers until further notice. This stems from a suit filed by the State of California in their “Heartless Scam” action. The Sacramento Bee is reporting: In a tentative ruling Monday, Judge Shelleyanne Chang ... Read More »

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

                    Ready to Collapse

                    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 »

                      Avoid Foreclosure Scheme Feeds on Desperate People

                      JP Global Property Management

                      I’d love to tell you this is a new foreclosure scam, but it certainly is not. In troubled times people have often been persuaded to sign away the title to their property in hopes they can avoid foreclosure by renting their property back from an investor or company that promises to bring their mortgage current. Marketing Material Used to Dupe ... Read More »

                        Timeshare Fraud Reaches New Low in Florida. Victims Resold to Recover Scammed Money.

                        Ready to Collapse

                        Inbound Marketing Advisors, American Recovery Task Force, National Recovery Task Force, Fortune Property Management & Investments, Kevin Bates, and Anthony Passaro were all named as defendants in a lawsuit brought by the Florida Attorney General in an effort to stamp out timeshare fraud. The Attorney General alleges that the defendants bought lists of consumers that fell for claims by marketing ... Read More »

                          Demand for Consumer Debt Rises Says TransUnion

                          photo © 2009 Adam Baker | more info (via: Wylio)I will boldly go on the record and say that while there have been some fundamental shifts towards minimalism as a result of the economic downturn, those trends will reverse themselves if consumer confidence increases and credit becomes easier to access. I’m not being sanguine here, just a realist. People are ... Read More »

                            Court Slams the Door on Ring of Debt Relief Providers Violating Telemarketing Sales Rules

                            Ready to Collapse

                            At the request of the Federal Trade Commission, a federal district court in Chicago has shut down an international robocall ring that allegedly conned consumers out of $995 each with false promises that it would reduce their credit card interest rates, but provided little or nothing in return. As part of its crackdown on frauds that seek to take advantage ... Read More »

                              Do You Like to Shop From Home. Reporter Wants to Talk to You.

                              Ready to Collapse

                              Charging from the sofa: when convenience turns to debt What could be easier than shopping from home? You’re relaxing with the TV, the hosts are chatting about items that look great, seem necessary, and appear to be unbeatable deals – but you better hurry because they have limited quantities! For some, the ability to call in an order from the ... Read More »

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