From the monthly archives:

April 2010

Thumbnail image for Better Business Bureau Warns Consumers Away From Debt Settlement Companies

Better Business Bureau Warns Consumers Away From Debt Settlement Companies

April 30, 2010

It’s been a difficult week for the debt settlement industry. It started with a very poor showing at the Senate hearings on debt settlement last Thursday. Then this week saw Wednesday’s announcement of the Debt Settlement Consumer Protection Act, which is now being discussed in Congress. And the latest blow is yesterday’s warning to consumers [...]

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What Happens If You Can’t Pay Your Creditors?

April 29, 2010

With the prolonged economic downturn that we find ourselves in, you should consider yourself lucky if you aren’t having any debt struggles. The fact is, millions of Americans are experiencing debt struggles in one form or another. If you are having financial difficulties and you are not able to pay your creditors as originally agreed, [...]

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Thumbnail image for Senators Announce Debt Settlement Consumer Protection Act

Senators Announce Debt Settlement Consumer Protection Act

April 28, 2010

A press release came out of Senator Chuck Schumer’s office this afternoon announcing a bill he co-introduced today with Senator Claire McCaskill called the Schumer-McCaskill Debt Settlement Consumer Protection Act. The announcement was expected ever since the Washington Post published an article last Friday reporting that Senator Schumer was already at work on a bill [...]

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How Much Will Debt Settlement Cost You?

April 27, 2010

If you have done your research and have concluded that debt settlement is the best strategy for your particular circumstances, and you have decided not to handle your own negotiations, then your next step is to hire a company to do it for you. This is a very important decision because hiring the right debt [...]

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Government To Propose New Legislation For Debt Settlement Industry

April 26, 2010

According to this article published by the Washington Post, the U.S. Senate is preparing to introduce legislation this week that aims to impose new limits on debt settlement companies. This news comes on the heels of last week’s Senate Commerce Committee hearing on the debt settlement industry where the results of the Government Accountability Office’s [...]

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Debt Settlement Industry Faces Government Scrutiny

April 23, 2010

Most debt settlement companies are more interested in their own financial gain than helping consumers who are struggling with high debt balances and are seeking their help. Unfortunately, preying on distressed consumers is nothing new but this prolonged economic downturn we’re in seems to have really brought out the worst in the sharks. Yesterday, the [...]

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Chapter 7 Bankruptcy Filings Continue To Grow

April 22, 2010

If you are considering filing for Chapter 7 bankruptcy to discharge your debts and get a fresh start, you are not alone. In fact, you would be joining a growing number of others also seeking to wipe the slate clean. A continuing bad trend Personal bankruptcy filings have gone up every year since 2005, according [...]

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What Is The Fastest Way To Get Out Of Debt?

April 21, 2010

If you are like most people struggling under the weight of high debt balances, you’ve probably tried as best as you could to at least make the minimum monthly payments on your credit cards. After all, the usual thinking at first is “I’ll pay the minimums now, but plan on paying more later.” But if [...]

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Thumbnail image for 4 Warning Signs When Looking For A Debt Settlement Company

4 Warning Signs When Looking For A Debt Settlement Company

April 20, 2010

If you have decided that debt settlement is the best strategy for your particular debt situation and you have decided to not handle your own negotiations, then you need to find a third party debt settlement company to work with. Given all of the scams and fraudulent companies operating in this industry these days, now [...]

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Thumbnail image for Why Do It Yourself Debt Settlement Isn’t For Everyone

Why Do It Yourself Debt Settlement Isn’t For Everyone

April 19, 2010

If you’ve spent any time at all on this blog you know that I strongly recommend consumers who are considering debt settlement to do it themselves instead of hiring a third party debt settlement company to help them. But no matter how compelling the reasons for handling your own negotiations are, do it yourself debt [...]

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