I Can Guarantee to Make All Your Credit Card Debt and Student Loans Magically Go Away Fast And You’ll Have Better Credit

Yes, 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 away. But did they tell you about the following potential benefits? If you’ve talked to a company who … Read more

Credit Card Debt Mailer for S&N Debt Solutions Leads to Beyond Finance

I 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, who also identifies themselves in the mailer as the S&N Financial Solutions Consolidation Alternative, has sent this mailer … Read more

FTC Misses the Mark With Warning About Debt Settlement Companies

The 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 might have seen ads for companies that say they can reduce your debt – sometimes for cents on … Read more

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 debt settlements are ripping off consumers because settling debts is something that anyone can do. Don’t get me … Read more

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, I got disabled and now on permanent disability. I am still current on my payments, though I am … Read more

Different Options for Debt Relief – Finding the Right Solution

Imagine 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 convinced that you needed a professional to help you get better – or things could get much, much … Read more

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 about 780.I am getting letters from settlement companies and wonder if I should settle this debt with chase … Read more

CFPB Discloses Why People Complain About Debt Settlement and Credit Repair

The 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 credit repair services: Of all complaints marked as other financial service, 60 percent of them were about problems … Read more

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 if I should go the Debt Settlement route or Debt Negotiator route. I’m starting to get phone calls … Read more

How I Got Out of $63,000 of Credit Card Debt

Sleepless 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 symptoms. This time, it was his turn. He owed more than $50,000 in credit card debt and knew … Read more

How to Call Your Bank and Negotiate Credit Card Debt Yourself

If 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 (I recommend you call your lender once a month, or every several weeks, up to month 5 of … Read more

Disappointing Debt Relief Mailer Leads to Debt Defense Services

A 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 do you think, is the mailer deceptive or perfectly fine from your point of view? Add your comment … Read more

Why People Have a Tough Time Shopping for Debt Help

The 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 describes the options available to borrowers who seek assistance in managing their debts and discusses the information and … Read more

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” Hello Lisa, I think a majority of debt settlement programs are bad news. I can comfortably say that … Read more