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Debt Relief Industry

Bankruptcies Down. Pipeline Cleaning Out.

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It looks like the predictions of decreasing demand for debt relief services is coming true in all sectors now. As I’ve been saying, without consumers cleaning out their debt through some means and creditors not extending credit in buckets like they were before, demand for debt relief services will be down. This is the latest from the American Bankruptcy Institute. ... Read More »

    Bankruptcy 2010 Annual Report Out. Chapter 7 Still Mac Daddy.

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    The United States Courts just released the complete bankruptcy survey for 2010 bankruptcies. It shows that the majority of bankruptcy filings are for Chapter 7. Here is what the 2010 results show. I’ve highlighted the parts that stood out to me. Summary of Findings During calendar year 2010, more than 1.5 million bankruptcy petitions were filed by individuals with predominantly ... Read More »

      Debt Alternative Center and Legal Debt Pros Both Proud About Debt Restructuring

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      A debt relief industry insider asked me to take a look at the Debt Alternative Center website. They expressed some deep concerns that they were promoting the debt restructuring product and FDCPA Protection products. They also asked me to look at the Legal Debt Pros site as well. I’ve said it before, debt restructuring is going to turn out to ... Read More »

        Reader Looking for Debt Settlement Business Consultant

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        I got this email and thought I’d pass it along in case anyone has a suggestion. “Steve – do you know of a debt settlement consultant out there to help me do a business plan for a new debt settlement marketing company with a performance based attorney model. I need to find someone to help me answer all my questions ... Read More »

          US Credit Services Credit Repair Affiliate Program Pitched. What, No CROA?

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          A tipster (send in your tips here) sent in an email they received that is pitching a magic money making opportunity to unsuspecting uninformed people as possible affiliates. The offer is to become a credit repair affiliate after loan modification or debt settlement is complete. My favorite line of the email has to be, “Remember, you can charge anything you ... Read More »

            I’m Working at a Debt Relief Call Center in Florida and I Think It’s a Scam

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            “Dear Steve, I am working at a call center in florida, just started the job, and I think its a scam. The company is only doing business in Canada under two companies, that we are told to say we are a separate entity from us. They used to be called Vortex before, and I have heard they change their name ... Read More »

              Debt in America Better Than Figures Show?

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              From Deutsche Bank, some interesting numbers on debt in America. “Market participants have recently fretted over debt levels in the United States, especially in light of the S&P downgrade of US sovereign debt. While the debt ceiling crisis and subsequent loss of AAA rating have highlighted the massive rise in government debt since the recession began in December 2007, total ... Read More »

                Consolidated Credit Announces Winner for the ‘Reasons Why Debt Sucks’ Video Contest

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                Consolidated Credit gave consumers a chance to win a free iPad in their “Reasons Why Debt Sucks” video contest. After carefully evaluating each submission based on how consumers got into debt and what they’re doing to dig themselves out, Consolidated Credit has chosen a winner! Ft. Lauderdale, FL (PRWEB) August 10, 2011 Consolidated Credit Counseling Services, Inc. gave consumers a ... Read More »

                  Doug Van Arsdale and Credit Solutions of America Settle With Maine

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                  Just yesterday I was talking to a debt relief industry insider and saying, “Whatever happened with Credit Solutions of America, you don’t hear about them anymore.” And here they are right back in the news. Below you will find the press release published by the State of Maine. Attorney General William J. Schneider announced today that Maine reached an agreement ... Read More »

                    Good News: Mortgage Delinquencies Continue to Drop

                    Delinquent Mortgages

                    The national mortgage delinquency rate (the rate of borrowers 60 or more days past due) decreased for the sixth consecutive quarter, dropping to 5.82% at the end of the second quarter in 2011. This information is reported by TransUnion and is part of its ongoing series of quarterly analyses of credit-active U.S. consumers and how they are managing credit related ... Read More »

                      New Path Financial Booted Out of Wisconsin

                      New Path Financial

                      A tipster (send in your tips here) just let me know it’s been a really bad day for New Life Financial. Not only did New York City just subpoena them, see NYC Launches Investigation Into Debt Settlement Companies, but apparently Wisconsin just kicked them out of the State. According to a July 6, 2011 notice, New Life Financial, located at ... Read More »

                        NYC Launches Investigation Into Debt Settlement Companies

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                        This is just out from the New York City Department of Consumer Affairs. And for the record, this is the same thing that is going to happen to companies that get involved in debt restructuring as well. Department of Consumer Affairs (DCA) Commissioner Jonathan Mintz announced today that DCA is issuing subpoenas to 15 debt settlement companies, all of which ... Read More »

                          Debt Relief Legally Wandering Into Problematic Debt Restructuring

                          Debt Relief Legally

                          A reader and tipster (send in your tips here) just sent me an email that was sent out by Debt Relief Legally. For the most part it was very typical of what I usually see. It mentions they offer affiliates access to debt mediation programs, tax settlement programs, and credit counseling programs. And if this email was typical like the ... Read More »

                            Attorney General Presentation About How to Stay Off the Radar

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                            Phil Lehman spoke at the recent Debt Relief Master Class. Mr. Lehman presents his opinion and information about the view of debt relief and debt settlement providers from his position and experience as a participant in the federal testimony about the industry and a follower of the consumer debt niche. He additionally talks about the consumer problems with regard to ... Read More »

                              Consumer Borrowing Up in June. Reading Tea Leaves.

                              Percentage Revolving Consumer Lending

                              The latest data from the Federal Reserve is out for June 2011. The data shows an increase in revolving consumer borrowing for primarily commercial banks. Commercial banks increased revolving consumer debt from May 579.2 billion to June 584.4 billion. Pools of securitized assets diminished between May and June from 41.8 billion to 41.5 billion. Other sectors showed growth in unsecured ... Read More »

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