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Tag Archives: debt settlement

Most Debt Advice Suggested is Snake Oil or the Wrong Solution For People In Trouble. Here’s Why.

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I’ve been following the conversations on Twitter (@GetOutOfDebtGuy) and watching what others are saying about debt management, credit counseling, debt settlement and bankruptcy and it really has me worried and concerned. I’m a guy that lived through financial problems myself and went bankrupt in 1990. I then went on to found and run a non-profit credit counseling company, Debt Counselors ... Read More »

    I Don’t Want to Pay Stupid Credit Card Overlimit Fees And Charges. – Melissa

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    “Dear Steve, I have 2 credit cards that I haven’t paid since August. Now my debt is almost 5000 since most is from over limit, late payment and finance charges. I was able to get one credit card to accept 50 a month at 0% for the next 12 months. Obviously i am hoping to pay more over the course ... Read More »

      I’d Like to Settle My Debts Without Using a Service. – Kathleen

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      Kathleen “Dear Steve, I currently have 3 credit cards I owe on for a total of approximately $3500.00. I have been receiving calls from the companies because I am behind on payments and would like to contact them to make arrangements to settle these obligations over the next 6 months. The amounts I actually owe is less, but the fees ... Read More »

        Debt Relief USA Ordered Out of Georgia and Must Pay Over Half a Million in Refunds and Fines

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        Joe Doyle, Administrator of the Governor’s Office of Consumer Affairs (OCA), announced that the agency has entered into a settlement with Debt Relief USA, Inc., a debt adjustment company, over allegations that it violated Georgia’s Debt Adjustment Act. The company agreed to refund all fees it has received from its Georgia clients, a total of $527,205.55, reimburse OCA for administrative ... Read More »

          I’ve Heard About Companies That Can Drastically Reduce Your Debt. Is That True? – Drew

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          Drew “Dear Steve, My student loans, rent, car payment, electric, phone, internet, and other bills are piling up. I don’t make much money, and my job is insecure. I have heard of companies that can drastically reduce your debt. Is this true? Is there anything I can do to get out of debt fast and relieve some stress??? Drew”   ... Read More »

            Are the Collectors Lying to Me? – Janet

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            URGENT QUESTION! Janet “Dear Steve, I am now getting phone calls from creditors with deals to wipe half off & low monthly payments – I am worried that the wiped off half will be given to a collection agency later on. Where were these people when I asked for help before I got behind? I think we should just finish ... Read More »

              Quickies – Bank of America, Payday Loans, Divorce, 401k, Credit Report

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              When I need a break from answering questions I often take a look for some odd or interesting search terms that people used to find me. Below are some of the latest I saw today that I wanted to provide quick answers to. Steve Search Terms will bank of america negotiate debt – Yes but debt settlement can be tricky ... Read More »

                Quickies – CCCS Consumer Review, Autos, Cards, Balances, and Debt

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                When I need a break from answering questions I often take a look for some odd or interesting search terms that people used to find me. Below are some of the latest I saw today that I wanted to provide quick answers to. Steve Search Terms CCCS consumer review – CCCS stands for Consumer Credit Counseling Service but it has ... Read More »

                  What is the Damage to Our Credit Report if We Settle a Debt for Less Than the Full Amount? – Lara

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                  Lara “Dear Steve, My husband and I have over $45,000 credit card debt. Our income has been seriously reduced by about 65% lately. We are thinking of best ways to reduce debt amount or get payment plans over a period of 5 years. If the creditor decides to accept to settle the debt for less it will appear as settled ... Read More »

                    How Can I Negotiate a Lower Balance to Pay Back My Credit Cards? – David

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                    “Dear Steve, I’m several months behind on several credit cards. Now have money to pay them off through a loan I got on my house. Can I negotiate a lower payoff with the credit card companies? David”   Dear David, Technically, yes, but watch out. Your creditors are going to play you and lie to you. They are experts and ... Read More »

                      I Need to Put My Debt Behind Me. I Have No More Money to Make Payments. – Chris

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                      “Dear Steve, I turned my car in about a year ago. I have perodically made small payments to a collection agency. This loan was through Capital One Auto Finance. The reason for turning the car in was it was costing me more to keep it running than I could afford. This was a nice car with very few miles and ... Read More »

                        Stop Debt Collectors – 100 Pages of Good Advice

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                        I didn’t tell Gerri Detweiler that I was going to purchase her book and secretly read it. I knew she would have sent me a free copy if I had asked but I didn’t want our friendship to cloud my review of her new book “Stop Debt Collectors: How to Protect Your Rights and Resolve Your Debts”. The book can ... Read More »

                          Federal Trade Commission Should Allow For-Profit Credit Counseling and Debt Settlement Firms to Assist All Consumers

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                          I understand that the Federal Trade Commission has been looking into regulating the debt settlement industry. I feel the time has come to finally address the needs of consumers for representation in credit counseling and debt settlement matters. I have provided a statement to the FTC in order to support the acceptance and regulation of for-profit credit counseling and debt ... Read More »

                            Family Finances: When you’re desperate, look out for fraud

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                            At a recent home show, we were grabbed by a debt settlement company salesperson who offered to save us at least 40 percent in our effort to get out of debt -- not that we have any. Another salesperson hawked a software program that would direct us ... Read More »

                              Would You Like to Be a Debt Collector?

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                              Recruitment Video For Debt Collectors This recruiting video for a major banks debt collection department is very interesting if you listen closely to the words. I’d suggest that you even consider watching it with your eyes closed. I think you’ll find the video a very interesting approach to try to put a positive spin on what can be a very ... Read More »

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