Major credit card companies are increasingly unwilling to cooperate with debt settlement companies. This reflects a growing resentment for the predatory practices of many debt settlement companies as well as the high cost that debtors pay. (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Posts Tagged ‘Debt Settlement’
Debt Settlement Claims Overstated
Debt settlement companies often state that they can settle your debts for pennies on the dollar or even up to less than half of what you owe. They also tend to overstate the actual amount of work that they do on your behalf. (more…)
Thinking About Settlement? Think Again!
Debt settlement sure sounds good when you are getting collection calls. Imagine, you can make much smaller payments to a debt settlement company and they will help you pay cents on the dollar and avoid judgments. This is the pitch, but if you fall for it, you will really feel the sting! (more…)
Stimulus Payments Trigger Debt Settlements
The economic stimulus payments received by households in 2008 is intended to increase consumer spending. It was designed to soften the recessionary pressures caused by the credit crunch.
Many consumers, however are using it to catch up on late bills. Debt collectors are finding that many consumers are receiving substantial stimulus payments, which could be used as a lump sum payment to settle an old debt. (more…)
Debt Settlement Companies Do Not Stop Legal Action
Many unsuspecting debtors flock to debt settlement companies because they offer the lowest payment available for a debt relief program (excluding bankruptcy). However, a high number of debt settlement company clients find that the settlement company offers very little benefit at a very high cost. Worst yet, there are no protections from legal action. (more…)
