(Dee from Colorado) I was told that a settlement I made on my credit card debt will reflect more negatively on my credit report than filing for bankrupsy. Is that true? 
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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(Dave from Michigan) My credit card balances are near their limits with high rates. I’ve been making minimum payments for a long time. If I were to pay off the balance on one of the cards with a lump sum, would this put me in a position to negotiate a much lower rate and subsequently transfer another credit card balance to it?
19
May 2009
50% Payoff: Is this a Good Deal?
(Brett from Nevada) Ford has offered me a 50% payoff on $9000.00 owed after a repo. They say they will report as fully paid yet they cannot remove the chargeoff on my report as it is illegal for them to do so. they have sent me a letter stating that the account will show as paid in full. Is thus a good deal?
13
May 2009
Debt Settlement Company Ratings
After reading such harsh criticism from Andrew Cuomo, the Attorney General for the State of New York, I decided that I wanted to examine the debt settlement industry to see how accurate his reference of “rogue industry” really was. My findings suggest that clients who sign with debt settlement companies never check to see how reputable those companies are. If they did, they would find an industry dominated by crooks and charlatans!
08
May 2009
Cuomo: Debt Settlement a Rogue Industry
On Thursday May 7, 2009 New York Attorney General Andrew Cuomo issued subpoenas to 14 debt settlement companies and a law firm. Cuomo is part of a multistate effort to regulate debt settlement companies, which Cuomo says are “offering consumers false hope, charging tremendous fees and leaving them in a worse financial situation.”
07
May 2009
What is Debt Forgiveness?
When examining debt relief options, clearly forgiveness of debt can be an appealing idea. Imagine getting all or a portion of your debt forgiven rather than having to deal with debt collectors and legal action! If it sounds too good to be true, understand that there are many consequences of debt forgiveness that could leave you in worse shape.
04
May 2009
Ask Ken Your Financial Questions
When you are looking for an answer to a very specific question, it may sometimes be difficult to find exactly what you are looking for. That is because your situation is unique, and most other situations that you read about are just not the same as yours. Now you can ask your questions directly.
Debt settlement companies have thrived on rising defaults on all sorts of consumer debt, especially credit cards and unsecured personal loans. Their profits have been through the roof even though the vast majority of their clients never successfully settle their debts. Newly proposed legislative limits still allow sky-high fees and almost no accountability.
19
Mar 2009
Ohio Credit Counseling Hotline
A hotline has been set up for Ohio residents that need to speak with a credit counselor immediately. The hotline is staffed by trained counselors that are both Accredited Credit Counselors and Accredited Financial Counselors. This should expedite the process for Ohio residents that are seeking debt relief, especially considering the long delays at some agencies in responding to requests for help.
03
Mar 2009
Debt Settlement Companies Booming
Debt settlement has become a big business as the number of credit card defaults continues to increase. Debt settlement companies prey on desperate consumers that are tired of harrassing phone calls and threatening letters. What debtors don’t realize is that they end up creating a whole new set of problems when they sign up for debt settlement instead of getting help from a reputable credit counseling organization.
