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Debt Articles

AARP Gets Tough With Debt Settlement Companies

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Burdened with debt, millions of consumers contact debt settlement agencies in search of help – only to find out that what looked like the light at the end of the tunnel turned into a nightmare because of huge fees and deceptive business practices. As bills keep piling on the kitchen tables of a growing number of Americans, lack of regulation ... Read More »

    A Call, Make That a Scream, for Transparency in the Debt Settlement Industry

    Transparency

    When I started the GetOutOfDebt.org site it began with a desire to assist consumers that were facing financial troubles. In my background I’ve not only lived through financial troubles and went through bankruptcy, but I also started a national non-profit credit counseling organization, Myvesta, to help others and then closed that organization after 12 years (1994-2006). As you can see ... Read More »

      Clear Your Debt and Swift Rock Financial Services Get F Ratings From BBB for Bad Service

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      The Better Business Bureau has issued an “F” rating on two Austin-based businesses, Clear Your Debt and Swift Rock Financial Services, due to allegations from consumers that promises of a solution to their mounting debt were unfulfilled. Consumers complain to BBB they contact Clear Your Debt and Swift Rock Financial Services and are offered assistance in settling their debt for ... Read More »

        Allegro Law Receivership Frozen by Bankruptcy Court. All Client Accounts are Closed.

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        I just got off the phone with the former Official Receiver of Allegro Law, Louis Colley. He broke some very unfortunate news to me regarding Allegro Law and how this impacts ALL Allegro Law clients. Allegro Law clients were broken up into two camps. One was the debt settlement camp and one was the debt management camp. Debt settlement clients ... Read More »

          Why Do TASC Member Debt Settlement Companies Appear to Fail Their Own TASC Audit?

          I don’t know how in the world I landed on this press release from The Association of Settlement Companies (TASC, but I did and I wasn’t looking for it. The press release contained a very interesting statement. – Source The audit process is investigating and confirming member compliance with organization bylaws which dictate business practices and ethics standards. In addition ... Read More »

            75% of Consumer Bankruptcy Cases are Chapter 7 in March, 2010.

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            New data just out shows the number of consumer bankruptcies is rapidly increasing and more consumers are able to seek protection under Chapter 7 bankruptcy to discharge all of their debt. Aacer is reporting that there were 158,141 filings in March, higher than any other month since the bankruptcy reform changes of 2005. In fact the number of filings is ... Read More »

              Foreclosure Pussies Create Problem for All

              Miami has a buch of foreclosure pussies on the lose, about 300,000 of them and it’s creating a big stinking problem. [flashvideo file=/wp-content/uploads/cats.flv /] Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

                Lindsy Lohan, Shannen Doherty, Chikezie Eze – Celebrities in Debt

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                TMZ is reporting a bunch of celebrities are facing money troubles today. Lindsay Lohan was two months behind on rent and got a legal notice to pay up or get the hell out. Shannen Doherty of 90210 and DWTS fame just got slapped with a $44,064 tax lien. Chikezie Eze, recently arrested for boosting $1,200 of cologne from Neiman’s without ... Read More »

                  Settle Tax Debt for Pennies on the Dollar. The Newest Scam

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                  I’m a big fan of the Red Tape Chronicles and Bob Sullivan. He just posted a great article titled “Tax debt settled for pennies? Don’t count on it” and it’s worth a read. But here are some important highlights. That’s why, as tax day approaches, you are hearing seemingly nonstop advertisements for companies that claim magical powers to wipe away ... Read More »

                    Revolving Consumer Debt Seasonally Adjusted January 2009 to January 2010

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                    Here is a look at the decline in revolving consumer debt. But before you get all excited that the decline represents people ditching debt and managing their finances better remember that during this time a large amount of consumer debt was charged off and creditor withdrew credit lines. A new study by CardHub found that while credit card debt did ... Read More »

                      Study Finds Life Experiences are More Valuable Than Possessions

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                      The satisfaction we get from buying vacations, bikes for exercise and other experiences starts high and keeps growing. The initial high we feel from acquiring a flashy car or megascreen TV, on the other hand, trails off rather quickly, reports a new Cornell study. Why are experiences more satisfying? For one thing, it’s harder to compare them to others’ experiences; ... Read More »

                        People That Track Spending on Groceries Actually Overspend By Nearly 20 Percent

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                        Almost one in three U.S. households shop on a budget — and one in six can only afford basic necessities. So it’s no wonder that 78 percent of budget shoppers — twice as many as those who shop without a budget (37 percent) — try to track how much their groceries are likely to cost as they roll through the ... Read More »

                          America’s 35 Hardest Economically Hit Cities

                          America's 35 Hardest Hit Cities

                          Nice infographic from BillShrink that helps to show the hardest hit American cities during this economic crunch. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

                            Four Silly Debt Settlement Claims You Can Freely Ignore

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                            This comes from an article at bankrate.com titled “4 bogus debt settlement claims to ignore” but I like my title better. LOL. If you’d like to read the full article, click here. But here are the four claims they expound on in the article. ‘Satisfy your debt for cents on the dollar.’ ‘We guarantee you’ll be debt-free in three months.’ ... Read More »

                              The Five Greatest Credit Card Lessons Ever Learned

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                              As a consumer debt expert that helps people find their way out of debt I think over the years I’ve seen tens of thousands of unique ways to wind up in trouble with credit cards. And as a confession I have to tell you that the reason I became so interested in helping people with debt is because I found ... Read More »

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