debt settlement
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I Need Some Debt Help and AdviceQuestion: Dear Steve, My current debt across multiple banks is around $30,000. My minimum payments are close to half of my income and I cannot afford them. I just moved out of the country for personal reasons...
- Posted January 18, 2018
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Credit Card Debt Relief Offers Are Confusing Me. What Should I Do to Make the Right Decision?Question: Dear Steve, I have credit card debt and private loans and I keep getting calls from many debt settlement companies. I want to see if these companies are legit and are truthful, so I wanted to...
- Posted December 5, 2017
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I Can Guarantee to Make All Your Credit Card Debt and Student Loans Magically Go Away Fast And You’ll Have Better CreditYes, that’s right. As many consumers know, when they call one of the many commissioned sales representatives at the average debt relief company they hear about the incredible things the company can do to make debt go...
- Posted October 25, 2017
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Credit Card Debt Mailer for S&N Debt Solutions Leads to Beyond FinanceI received the following mailer as part of my I Buy Junk Mail program. People with credit card debt are apparently being targeted with this mailer that contains a fake credit card in it. S&N Debt Solutions,...
- Posted October 2, 2017
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FTC Misses the Mark With Warning About Debt Settlement CompaniesThe Federal Trade Commission recently posted a warning about debt settlement companies. Goodness knows I’ve been critical of SOME debt settlement companies but this recent blog posting from the FTC totally misses the mark for consumers. “You...
- Posted June 6, 2017
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Double Standard For Debt Settlement. Not So Sleazy Now, Ask Hilary Clinton, John Glenn and the FEC.Originally published December 11, 2009 Consumer debt is a world of double standards. On one hand you have advocates screaming about the evils of debt settlements or that groups that charge people for professional help to do...
- Posted May 25, 2016
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Is Debt Settlement Ethical?Hello, I wonder if on your site you have a discussion of the ethics of debt settlement or have seen a balanced discussion somewhere else online? I know that’s incredibly vague, but surely you’ve thought about it...
- Posted May 23, 2016
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I’m Now Disabled. Should I Settle My Debt With Macy’s and PayPal?Question: Dear Steve, I do have Macy’s and PayPal account which I am thinking of trying to settle. I did settlement back in 2010. Everything went well as far as my finances is concern from 2012-2015. Unfortunately,...
- Posted May 3, 2016
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Different Options for Debt Relief – Finding the Right SolutionImagine you were sick. Really sick. Sick enough to go to a doctor or even a hospital. Perhaps you even looked up your symptoms on the Internet, visited WebMD, did a ton of internet research and were...
- Posted February 16, 2016
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I’m On a Fixed Income. What is the Best Way to Deal With My Debt?Question: Dear Steve, I am an 80 yr old retired man on a fixed income. Previously I owed credit debt of about 17000 but took some savings and reduced it to about 11500. My credit score is...
- Posted February 10, 2016
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CFPB Discloses Why People Complain About Debt Settlement and Credit RepairThe CFPB took a look at complaints it has received and shared why most consumers seem to complain about debt settlement and credit repair services. The Consumer Financial Protection Bureau said: “Excessive fees for debt settlement and...
- Posted January 29, 2016
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Should I Eliminate My Debt With Debt Settlement or a Debt Negotiator?“Dear Steve, I am looking for help to get my debts in order. I owe approx. $30,000 (9) credit cards, (1) loan. The accounts are all closed and are shown as being charge offs. I don’t know...
- Posted March 19, 2015
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How I Got Out of $63,000 of Credit Card DebtSleepless nights. A knot in the pit of the stomach. A gnawing sense of unease. Charles Phelan was familiar with the physical and emotional toll of debt. But usually it was his clients who were experiencing those...
- Posted March 10, 2015
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How to Call Your Bank and Negotiate Credit Card Debt YourselfIf you have been following the early tips I suggest for how to negotiate and settle directly with your credit card bank, you have already had several “just calling to keep you posted” conversations with your bank...
- Posted March 2, 2015
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My Bank Agreed to Settle My Credit Card Debt But Now Wants More“Dear Michael, I have secured loans on a horse trailer and a John Deere tractor which I am current on paying. I have an unsecured master card with Bank of America. I suffered a fire 2 years...
- Posted November 24, 2014
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Disappointing Debt Relief Mailer Leads to Debt Defense ServicesA new debt relief mailer, which you will see below, poses as an official document but in fact leads to a potential sale for Debt Defense Services according to the tipster (send in your tips here). What...
- Posted August 16, 2013
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Why People Have a Tough Time Shopping for Debt HelpThe Federal Reserve Bank of Philadelphia published a paper by Stephanie Wilshusen which made some very enlightened observations about why consumers struggle with getting out of debt. In the paper, “Meeting the Demand for Debt Relief” it...
- Posted July 10, 2013
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Can I Trust Debt Settlement Companies Who Promise Big Results? – Lisa“Dear Damon, I am $30,000 in debt. What would be your advice in dealing with companies of debt settlements who claims to reduce your debt by 50% and charges you 20-23% interest if your total debt? Lisa”...
- Posted June 6, 2013
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We Are On Disability and Social Security and the Debt Settlement Company Says They Can Help. – Brett“Dear Damon, I am on disability with a an income less than 30% of my working income. My wife has a start-up business that continues to lose money and has been unsuccessful at finding a job. During...
- Posted June 6, 2013
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I Suggest Bankruptcy Too Often, So Say SomeI really do read all the comments, all the Twitter messages you send me and appreciate the feedback. Over time a common statement I get is about my recommendations is that people think I suggest bankruptcy too...
- Posted May 13, 2013
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How Debt Settlement Employees Can Avoid Long Jail TimeYesterday a U.S. Attorney announced criminal charges against debt settlement company owners and employees for fraudulently selling debt relief services to consumers in financial trouble. The Indictment laid out a pattern of activity that many inside debt...
- Posted May 8, 2013
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Debt Collection Companies Still Think Debt Settlement Offers Are Too LowA tipster (send in your tips here) pointed out to me an article in insideARM today that talks about why about half of debt collection companies do not yet work with debt settlement companies. “The second most...
- Posted April 29, 2013
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Debt Settlement Pros and Cons. My No BS Guide to Settling Your Debt.I’m shocked. Apparently I’ve never written an article on the advantages and disadvantages of debt settlement and what to look for or watch for when you go to settle your debt. So here goes. The process of...
- Posted April 11, 2013
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What Repaying Your Debt Will Cost You in Retirement – CalculatorThis calculator demonstrates the future retirement financial loss you may experience when electing to repay your debt with an extended repayment program offered by creditors, credit counseling or debt settlement, rather than intervene on your debt with...
- Posted April 1, 2013
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Our Income Dropped. Is Debt Settlement The Way to Go? – Kim“Dear Steve, Our financial situation has totally changed in the last 3 years. We are making 15-20K less a year and our expenses have increased. We currently have about 39k in credit card debt. We are no...
- Posted February 27, 2013
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How Does Debt Settlement Work? – Seth“Dear Steve, My parents really need to figure out some way to get out of Debt. I just heard of a debt settlement. How do debt settlements work? And do you advise using them? Or should they...
- Posted February 1, 2013
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Is This Really Going to Be My Tax Liability When I Settle My Debt? – Joe“Dear Steve, I understand that there may be tax liabilities on a Debt Settlement if you’re not Insolvent at the time. I know you’re not a Tax Man, but can you help me see if my assumptions...
- Posted January 18, 2013
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I Want to Settle My Debt But Will My Credit Score Drop? – Mariam
“Dear Steve, My annual income is 22,000. a year, I have almost 12,000 in debt, i want to debt settlement, because its tooo much Ive been paying my minimum payments and i am current. I want debt...
- Posted September 21, 2012
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The Ultimate Consumer Guide to Checking Out a Debt Relief Company Before You Sign On the LineIt’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....
- Posted August 14, 2012
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Debt Settlement Myth #6: It’s Safe To Take 36-48 Months To Settle My Debts
This is the sixth in a series of posts discussing the most common myths about do-it-yourself debt settlement. Most traditional debt settlement firms are still quoting program durations of 36-48 months, sometimes longer, and clients are led...
- Posted July 19, 2012
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The Truth About The Success Rates, Failure Rates and Completion Rates of Credit Counseling, Debt Settlement, Bankruptcy, and Debt Consolidation LoansThis 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 what I’ve run into, is a wall. I have received...
- Posted June 22, 2012
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Can I Include My Debt Settlement Company in My Bankruptcy? – Ken
“Dear Steve, i have 65000 in credit and installment debt we lost one third of our income in last year signed with debt settlement law firm in april initial fee 2895 they have settled 2 accts. which...
- Posted November 9, 2011
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Wanna Know a Secret About the Debt Relief Industry?
As modern and clever as we might feel here on the bleeding edge of history there is one cold hard fact I can’t ignore, these are still the dark ages of the debt relief industry. Let’s just...
- Posted October 6, 2011
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I’m Going to Get My Creditors to Settle the Debts or Accept Bankruptcy. – George
“Dear Steve, I have been separated from my wife nearly one year. According to my legal counsel, I have no responsibility for my wife’s credit card debt (100% of which is in her name alone) which she...
- Posted October 5, 2011
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It’s Been A Year Since The TSR – What’s Changed With Debt Settlement?
A year ago this month the Federal Trade Commission (FTC) barred debt settlement companies that used telemarketing from accepting up-front fees. Although it’s been an entire year since this change we are still see companies trying sneak...
- Posted October 4, 2011
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I Can’t Afford My Debt Settlement Program Anymore and Want to File Bankruptcy. – Tony
“Dear Lewis, I am currently enrolled in a debt settlement plan but i am unable to make the payments due to losing one third of my income in the last 10 months. I went with a law...
- Posted October 2, 2011
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Should I Sign With Fast Track Debt Relief? – Mary
“Dear Damon, I am ready to meet with a person on Monday to sign a paper for Fasttrackdebtrelief program. I was researching it..I am scared now.I don’t trust it. I saw your name in reviews about Fast...
- Posted October 2, 2011
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In These Poor Economic Times We’d Like to Settle Our Debt. – James
“Dear Damon, My wife and i have about 20 k in cc debit. we have the money to pay the the balance in full but in this economic environment we don’t want to release that much cash....
- Posted September 14, 2011
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Consumers Avoiding Debt Reports NY Fed
A report out from the New York Federal Reserve shows that the amount of consumer debt has dropped since June 2010. As of June 30, 2011, total consumer indebtedness was $11.4 trillion, a reduction of $1.08 trillion...
- Posted August 15, 2011
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Debt Relief industry Trends, June, 2011 – Credit Counseling, Debt Settlement, Bankruptcy
In what has turned into a regular report from this site, here is the next installment in my forecast for the debt relief industry. The extension of consumer credit remains weak. Delinquencies and defaults are dropping and...
- Posted June 26, 2011
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Credit Unions and Debt Settlement. Will My Credit Union Work With Me? – Tim
“Dear Damon, I had a car repossessed and the balance after auction is $13,100 Its with A credit Union in IL, I also have a 10,000 credit card with same credit union.. I want to use debt...
- Posted June 15, 2011
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Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs
The debt settlement strategy has generally been limited to negotiation of unsecured debt accounts like credit card debt, store charge cards, personal loans, and medical bills. With secured debts, there is always collateral at stake, in the...
- Posted June 3, 2011
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I Was Building a New House But the Bank Won’t Give Us What it Appraised For So I Put the Rest on My Credit Cards. – John
“Dear Damon, Was building a new house.. Went to close on long term loan.. The bank would not give us what it was appraised for. I had to you all saving to not lose the house.. I...
- Posted May 28, 2011
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My Debt Relief Company Did Nothing But Get Me Sued and Lower My Credit Score. – John
“Dear Michael, had 730 credit score 1 year ago now about 550 now being sued considering chapter 7 as only option 1. How do I know whether or not my settlement company fulfilled their contractual obligations to...
- Posted May 26, 2011
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I Am a Disabled Vet That Needs Help With Debt Forgiveness and Debt Settlement – Paul
“Dear Michael, I borrowed $6103 and defaulted on the loan. With interest and penalties the total came up over $20000. I have paid back $9500 with icome taxes and garnishments. They say i still owe them $14501....
- Posted May 25, 2011
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Can My Wife and I Independently Go Into a Debt Relief Program? – Paul
“Dear Damon, My Wife just closed her business and the outstanding unsecured debt is about 100K. My personal debt is about 38K. I want to go on a debt relief program where a company negotiates a reduced...
- Posted May 24, 2011
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Debt Settlement: Top Ten Most Misunderstood Facts
Over the past few years debt settlement has been in the news, not always in a good way. Many consumers have complained about the services they’ve received while some have been very happy. Much of the disparity...
- Posted May 2, 2011
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Trapped in a Debt Settlement Contract. What to Do? – Dean
“I contracted a debt settlement company now that it changed. I signed with them back in May of 2010, this was before the new law changed for settlement companies not to be able to charge up front...
- Posted April 28, 2011
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Is Your Old Advanced Fee Debt Settlement Company Secretly About to Fail? What to do.
photo © 2008 J.B. Hill | more info (via: Wylio)Next month will mark the six month anniversary of the passage of the FTC telemarketing sales rules which changed the landscape in debt settlement sales. As a consumer...
- Posted March 8, 2011
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The FTC Does Not Want Debt Settlement to Survive
A tipster (send in your tips here) sent in the following comment I wanted to address. But now that debt settlement is dwindling, it is clear the FTC wants this industry not to survive or rebound. DS...
- Posted March 1, 2011
