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What Debt Relief Companies Get Horribly Wrong When Helping Seniors

Almost half of seniors have incomes within 200% of the poverty line. They are classified as economically vulnerable and retire owing more debt than ever before. It is natural then that seniors with financial problems would search for someone to help them. Before the internet, communities had a local Consumer Credit Counseling Agency that would …

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We’ve Been to Credit Counseling But Should We File For Bankruptcy?

Dear Steve Hi! I am a piano teacher, and due to the bad economy have very few students, even though I am used to having plenty. We just moved because we could no longer afford where we lived. We gave up our house in a deed in lieu of foreclosure. My husband took a cut …

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Did the CFPB Just Totally Blow Off CCCS and NFCC?

I could not help but notice an absence of some familiar faces in an announcement by the Consumer Financial Protection Bureau (“CFPB”) today on financial education. The CFPB announced an inspired national project to help those most in need to get more education about managing their finances. You would have expected the National Foundation for …

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Consumer Credit Counseling Settles Debt on 50% of its Clients – 1968

As a student of debt history I’m probably one of those odd geeks that spends time reading outdated and arcane material about consumer debt and debt relief activities. Recently I sat down and read a 1968 document put out by the NFCC. Today they are called the National Foundation for Credit Counseling but back then …

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Did the NFCC Client of the Year Really Do the Ethical Thing?

The National Foundation for Credit Counseling Recently put out a press release celebrating their clients of the year who, in my opinion, should never have been put into a debt management plan to begin with. See NFCC Celebrates Utter Stupidity and Puts Older Dementia Patient in Debt Management Plan. My goodness, I hate to make …

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The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation Loans

This is a story that I’ve been working on for a few weeks. I’ve been asking people and groups for feedback and information to write this, but I’ve run into a wall. I have received some feedback from groups and people that don’t wish to be publicly identified to protect themselves, but what I have …

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NFCC and CCCS Should be Open and Transparent When It Comes to Performance

For far too long credit counseling groups have remained silent about how their service actually performs. Many routinely direct consumers to nonprofit credit counselors but how effective are they? The actual performance numbers have always been a closely guarded secret. That secret has been held, not out of modesty, but out of fear that when …

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Should I Do CCCS vs Debt Settlement? – Dave

“Dear Steve, I am behind on my credit card debt to the tune of $35,000. I’ve looked into different options but I’m not sure if I should go cccs vs debt settlement? What do you think? Dave” Dear Dave, For people that don’t know what CCCS means, it stands for Consumer Credit Counseling Service. These …

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I Am in a Debt Management Plan With Only $100 a Month to Spare. – Lynn

“Dear Steve, I have about 24000 in debt credit cards and loans. I was in a debt management plan about 5 months ago with a local company. I was off of work for a sort time. What I currently pay out now i have about $100 left each month to live on. If I decide …

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