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I Want You to Meet Who You Helped Today – Chen Sapourn

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It is important for you to meet who we helped today through this site. As I mention, all over the place, revenue from people clicking on ads and using the service of advertisers is used to help sponsor people in poverty through Kiva. Please visit or use the services of advertisers on the GetOutOfDebt.org site so we can help more ... Read More »

    FBI & FTC Investigating Foreclosure Rescue Companies and Loan Modification Schemes

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    The Federal Trade Commission today announced a crackdown on fraud and deception by mortgage modification and home foreclosure rescue companies. The FTC is seeking to halt the proliferation of these mortgage relief scams – which target distressed and vulnerable consumers who are delinquent or facing foreclosure – through increased law enforcement, consumer outreach, and close coordination with federal, state, and ... Read More »

      Most People Hate the Debt Advice They Get and Instead Seek Out Answers They Want to Hear

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      Since I’ve been helping people with money troubles, since 1994, one constant has existed, people don’t like the debt advice they get. This is not a reflection on the quality or appropriateness of the advice they get but a reflection of a conflict between what they want to hear and what they do hear. The denial to accept sound advice ... Read More »

        The Emotional Toll of Financial Problems

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        A nice article from Fort-Myers, Florida, that has been especially hard hit by the economic problems facing us, highlights the emotional toll that bankruptcy can take on people. As the article points out, those that are facing financial problems today are facing failure for the first time in their adult life. Dealing with the feelings of failure can lead to ... Read More »

          Most Debt Advice Suggested is Snake Oil or the Wrong Solution For People In Trouble. Here’s Why.

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          I’ve been following the conversations on Twitter (@GetOutOfDebtGuy) and watching what others are saying about debt management, credit counseling, debt settlement and bankruptcy and it really has me worried and concerned. I’m a guy that lived through financial problems myself and went bankrupt in 1990. I then went on to found and run a non-profit credit counseling company, Debt Counselors ... Read More »

            Loan Modifications. More PR Than ER. 57% of Monthly Payments in Modified Loans Are the Same or Higher.

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            According to a recent study of loans that were modified by lenders, only 29% of loan modifications made at the end of last year actually reduced borrowers’ payments by more than 10 percent. Now this is a good news, bad news story. The good news is that some loans did receive some needed modifications. The bad news is that for ... Read More »

              Circuit City May Be Dead, But Not The Circuit City Credit Card. It’s Alive.

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              This news about Best Buy and Circuit City was recently reported. Best Buy Co. Inc. is making a move to woo people who had credit cards through its now-defunct competitor — Circuit City, according to media reports. Best Buy spokeswoman Sue Busch told Bloomberg News that Chase Bank USA will automatically issue Best Buy cards to existing Circuit City credit-card ... Read More »

                Save Money Shopping. Don’t Touch Stuff.

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                Really smart brilliant people design retail chain stores knowing the hidden tricks that will lead you to spend money when you don’t want to. For some people it is the subtle chocolate chip cookie smell pumped into women dressing rooms that spokes sales or just laying out merchandise so you can easily touch it. Here is story all about the ... Read More »

                  Debt Collectors Agree to Not Chase Debtors for 30 Days

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                  Collections agencies in the UK have agreed not to chase debts for 30 days when debtors seek advice from accredited debt management companies. The 30 day breathing space, agreed between the Department of Business, Enterprise and Regulatory Reform (BERR) and the Credit Services Association (CSA), will start once an accredited debt management company has been appointed to help a debtor. ... Read More »

                    Sensible Christian Advice Video to Get Out of Debt

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                    I’ve written in the past about my issues with those outfits that promote themselves as Christian credit counselors. Read “Is Most Christian Debt Advice Bogus? Here’s What Jesus Would Really Do.” But for those that are interested in a good perspective on sensible debt advice based on the bible and scripture, I suggest that you watch the video below from ... Read More »

                      Watt Did You Say? Going Green and Gaining Green.

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                      In what has become almost an obsession with me I’ve been running around changing all the light bulbs in my house to reduce the electric bill. Currently we use 2800 kilowatt hours (kWh) of electricity each month and I really want to get that number down to save cost, but also because I’ve been glued to the television show “Living ... Read More »

                        Chapter 11 Bankruptcy Irony – TVI Corp

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                        In what struck me as a moment of irony, I read this morning about TVI Corporation, a Maryland based manufacturer of disaster shelters and other protective equipment, that has filed for Chapter 11 bankruptcy protection. It seems that while they manufacturer many types of disaster shelters, they didn’t have one to protect them from financial disaster. In an effort to ... Read More »

                          Canadian Bankers Whining About Credit Card Interest Rates. They Must Think Canadians Are Idiots.

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                          According to UPI, the Canadian Bankers Association defended credit card fees to a senate committee in Ottawa, saying consumers have a choice of 68 low-rate cards. I guess that’s like saying that Canadian consumer that don’t chose one of those 68 low rate cards are idiots. The senate’s Standing Committee on Banking, Trade and Commerce is having hearings on fees ... Read More »

                            Video of Debt Collectors That Pose as Police to Scare People to Pay or They Go Directly to Jail

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                            There are plenty of respectable and good debt collectors that run their business in compliance with local and federal laws. And then there are the collection companies that engage in abusive practices and behavior. For those of us that regularly work with people in debt it is hard to not become distrustful or develop a strong dislike for debt collectors ... Read More »

                              Debit Cards Less Safe Than Credit Cards & Please Use Your Credit Card Online

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                              Over the years I have been droning on and on about the differences between a debit card and a credit card regarding safety and why people need to be more afraid of using their card in a restaurant than online. Where does the waiter go with your card when you hand it to them? Debit cards and credit cards are ... Read More »

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