Should I Do Debt Settlement or Get a Debt Consolidation Loan?

Question: Dear Steve, I’m trying to decide if I should use a debt settlement company for a consolidation loan. If you have an excellent payment history and now you’re deciding to settle those debts, would it be better to consolidate them and pay them off in full or get a settlement company to settle them? … Read more

Will Capital One and Discover Work With Me to Settle My Debt?

Question: Dear Steve, I have 2 charged-off accounts, and I want to call and try to pay towards debt but can only afford about 100 per month. Will they work with me.. capital one and discover Will, the creditors work with me. Hope Answer: Dear Hope, The answer is not what you would expect. Here … Read more

What I’m Reading Today – 11-24-2020

reading library

Since I spend my day researching important consumer debt issues, I thought I’d share with you the material that I found most fascinating today: Student Loan Losses Seen Costing U.S. More Than $400 Billion “The U.S. government stands to lose more than $400 billion from the federal student loan program, an internal analysis shows, approaching … Read more

How to Get Your Money Back From a Debt Relief Company if You Feel Like You’ve Been Scammed

Here is my definitive guide on how to get out of a scam and get your best shot at getting your money back. Warning, it will take some work, but it can be effective. “The steps listed in How to Try to Get a Refund From a Debt Relief Company should represent a consumer dropping … Read more

Debt Settlement Kind of Wins Over Credit Counseling in CFPB Analysis

Let's say a prayer for credit counseling to survive against debt settlement

The Consumer Financial Protection Bureau (CFPB) just released a CFPB Report on Debt Settlement and Credit Counseling that is partially helpful. The issues surrounding debt settlement and credit counseling have so many nuances and facets that general look at trends in the two solutions is nearly always inaccurate. If you focus on just the debt … Read more

I Have $110K in Debt But I Live Outside the U.S. and Want to Know if I’m Safe?

Question: Dear Michael, I have ~$110k in unpaid credit card debts with various creditors. It’s been ~250 days since I made my last payment. My goal is to settle these debts. I’ve been living and working abroad in a South American country for the past year, and expect to continue living abroad for the next … Read more

The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the Line

It’s probably a bad idea to start off with a negative but here it is, people in the debt relief industry are going to hate this article. Even friends of mine in the industry will be bummed. And why, because this article will tell you everything you need to look for when checking out a … Read more

Inside Scoop From Creditors on Debt Relief Plans Like Credit Counseling and Debt Settlement

The Consumer Financial Protection Bureau (CFPB) released a very interesting report that paints a very different position on debt settlement than you might hear from say a credit counseling agency. While non-profit credit counseling agencies may talk down for-profit debt settlement companies, creditors seem to be embracing them. According to the CFPB, it appears a … Read more

What is a Cost Effective Way to Get Out of Debt in Pennsylvania?

Question: Dear Steve, I have 5 c.c (in default) and 1 unsecured loan (not in default) totaling approximately $48,000 in my name. And, I co-signed for one unsecured loan also in default. The co-signed creditor is suing but has offered a re-payment agreement in lieu of going to court. My friend, whom I co-signed for … Read more