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.” (more…)
Credit and Debt Blog
A Service of Debtors Unite, Inc.
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Posts Tagged ‘debt settlement companies’
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. (more…)
Major Creditors Cold to Debt Settlement Companies
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…)
