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Now You Know the Debt Settlement Industry is in Trouble When Alaska Cracks Down

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Alaska, otherwise known as the last of the rough and tumble frontiers in America, is often the last bastion of lawlessness. Have you watched the Alaska State Trooper television show? A story by KYUU in Alaska made me chuckle. Apparently Alaska is outraged by the actions of debt settlement companies that are charging up-front fees. Alaska’s attorney general has joined ... Read More »

    Illinois Attorney General Madigan Sues Company Making Debt Reduction Promises

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    Illinois Attorney General Lisa Madigan today filed a lawsuit targeting a telemarketing scam that promises to immediately reduce consumers’ credit card interest rates but ultimately fails to achieve any savings for consumers. “During these difficult economic times, consumers are understandably looking for ways to ease the burdens of rising debt,” Madigan said. “But I urge consumers to be wary when ... Read More »

      85% of Debt Settlement Companies May Be Closing Soon and Taking Your Money With Them

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      There is no doubt that the workshops and hearings by the Federal Trade Commission (FTC) are going to result in changes that will significantly impact the debt settlement industry. The FTC has been carefully looking into the industry and is disgusted with the actions of many companies. These would be the companies that charge large up-front fees to consumers, collect ... Read More »

        The Second Attribute to Getting Out of Debt – Gratitude

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        This is an excerpt from my ebook “The Path to Happiness and Wealth” that you can download for free here. The Second Attribute – Gratitude You know someone has achieved internal prosperity if they are grateful for the life they have. So, if someone else does something kind for you, be grateful. The only thing you are entitled to in ... Read More »

          Key Steps to Get Out of Debt

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          I’m working on a potential new application you can download, in my spare time, LOL. As part of that application I wanted to create a short list of what I felt the key actions or beliefs needed to break the bonds of debt and it got me thinking. Here is what I came up with. What do you think? Key ... Read More »

            Why Won’t Credit Cards Settle With Me But Will Settle With a Debt Settlement Company?

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            A questions I get asked from time-to-time is “Why won’t credit cards settle with me but will settle with a debt settlement company?” Good question. And while some settlement company may proclaim it is their contacts or wonderful talent, it is often just luck. I asked Michael Bovee of the Consumer Recovery Network to provide you with some insight into ... Read More »

              Florida Attorney General Wants Debt Settlement Companies to Put Up Before You Pay Up

              Florida Attorney General Bill McCollum today announced that he has co-sponsored a letter to the Federal Trade Commission (FTC), asking it to amend a federal rule that would require debt relief service companies to provide services before collecting any fees. The letter was also sponsored by the Attorneys General of Illinois, Maryland, and Washington. Debt relief is an umbrella term ... Read More »

                40 States Band Together to Regulate Debt Settlement Companies

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                The attorneys general of Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Guam, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Vermont, Washington, West Virginia and Wyoming have written to the Federal Trade ... Read More »

                  DebtZero Tells You How to Make Money in the Debt Settlement Business

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                  I stumbled across the DebtZero website this morning, quite by accident. But once I took a look around I had to share it with you. DebtZero appears to sell access to or a business opportunity to let people make money selling debt settlement services and brags about how much money can be made. Your income will be generated from enrollment ... Read More »

                    Credit Solutions of America and American Debt Arbitration, Debt Settlement Companies, Are Sued by State of Florida

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                    Florida Attorney General Bill McCollum today announced his office has filed two lawsuits on behalf of Florida consumers against five debt settlement-related companies. According to the Attorney General’s lawsuits, the businesses promised consumers they could pay off their debts for a fraction of the amount owed, but instead collected large up-front fees and left customers with little or no money ... Read More »

                      A Review of the Everest Debt Solutions Debt Settlement Client Agreement

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                      Recently I wrote about a debt settlement company called Everest Debt Solutions here and here. I managed to get my hands on one of their client agreements so I wanted to review it for you to help you understand what it all means to the best of my ability. I think you’ll find some eyeopening sections in my comments below ... Read More »

                        The Curse of the Hess Kennedy Debt Settlement Firm Lives On

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                        In a twisted matter of irony the law firm that was acting as a receiver for the Hess Kennedy debt settlement company that was closed down in Florida, has been closed down. Law.com reported that Lewis B. Freeman & Partners went to court in Florida on Friday and put the firm out of business. This seems to have stemmed from ... Read More »

                          New Law Prevents Foreclosure Relief and Mortgage Modification Services From Charging an Up-Front Fee

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                          California Attorney General Edmund G. Brown Jr. today issued a consumer alert warning California homeowners to avoid individuals and businesses that charge up up-front fees for foreclosure relief services in light of a just-enacted state law that makes this “abusive practice” subject to prosecution. “Over the past two years, unscrupulous attorneys and real estate brokers have abused their trusted roles ... Read More »

                            New York Attorney General Wins $200,000 Penalty Against Debt Settlement Company

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                            Attorney General Andrew M. Cuomo today announced that his office has won a lawsuit against a national debt settlement company, barring the company from doing business in New York state unless it posts a $500,000 performance bond to protect consumers. The decision also levies nearly $200,000 in penalties against the company for defrauding thousands of New Yorkers who looked to ... Read More »

                              Fewer Than Ten Percent Get Out of Debt With Credit Counseling or Debt Settlement Companies

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                              I previously wrote an article The Truth About The Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, and Bankruptcy. Some people scoffed at my findings and said they could not possibly be true, but they are. Fewer than 10 percent of consumers completed their agreements with Colorado debt-settlement and credit-counseling companies, by either paying off or settling all ... Read More »

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