Why Most Debt Settlement Companies and Credit Counselors are Bad Medicine

A couple of years ago I wrote an article asking, pleading really, for any debt settlement company (DSC) to explain to me how they could ever possibly “do whatever is in the best interests of the consumer” when they are unable to give any legal advice in what are inherently legal matters. For example, as … Read more

Consumer Survey by NFCC Shows People Are Wary About Real Help From Credit Counselors

On one hand you have to applaud the most recent release from the National Foundation for Credit Counseling. One thumb up. On the other hand it comes across as simply just more denial about the disturbing lanscape that faces narrow niche nonprofit credit counselors. The NFCC survey was an online poll conducted on the NFCC … Read more

What Do You Do When Your Creditors and Credit Counselors Say There Isn’t Anything They Can Do to Help? – Elle

Elle “Dear Steve, What do you do when the credit card company and the credit counselors say they can’t do anything to help? I have a solid income, good credit score and have racked up $37,000 worth of unsecured debt. I called Bank of America to ask for a lower interest rate, I’m paying 18.99%, … Read more

Debt Relief Orders Let Consumers Go Bankrupt Through Credit Counselors

An interesting new development in the UK is the formalization of a new tool, the Debt Relief Order, to let consumers eliminate their debts under the power of bankruptcy but without all the hassle or cost. For debtors that have less than £15,000 of unsecured debt and no assets, they can go to a credit … Read more

Eva Has Heard Negative Things About CCCS

Eva “Dear Steve, My husband and I just bought a home and besides the mortgage, we are in debt for $26,000. I called up my credit card companies and they said they aren’t offering lower rates to customers now. I went to CCCS website and they say lowering customers rates is one of their ways … Read more

Lawyers Lose Licenses Over Debt Relief. Dangerous Waters For All.

This has been a growing story over 2008 but I think it is a good example of the perils that consumers face when trying to get out of debt. We already have been ingrained to not trust credit counselors by the flurry of activity as the IRS targeted credit counselors a few years ago. But … Read more

The Perfect Debt Assistance Program

I can dream, can’t I? If I could get a wish for debtors it would be to wave a wand and implement this perfect debt assistance or debt relief program. Here is what the program would look like. A Sliding Scale Nominal Charge – Consumers would have to pay a sliding scale setup fee. It … Read more