Warnings To Avoid Debt Settlement
…they come in and say they’ll settle your debts and then they charge such a fortune that you wish they hadn’t even helped you. -Senator Charles E Schumer
Credit counseling is NOT debt settlement, if you are speaking with a debt settlement organization it is HIGHLY ADVISABLE YOU PICK UP THE PHONE RIGHT NOW AND SPEAK WITH A CREDIT COUNSELOR. Debt settlement can be a high-risk, low reward type of debt solution.
According to the BBB many consumers that participate in such programs may end up in more debt, in court and even face more financial hardship. Most of the reputable consumer protection authorities have very strong warnings against debt settlement.
The Better Business Bureau, the Federal government and most state Attorney Generals have all issued warnings, law suits and are creating new consumer protection laws, to help protect people just like you.
If you are considering debt settlement CALL A CREDIT COUNSELOR NOW, read this table below, and view the following videos, near the bottom of this page.
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Reasons Why You May Want To Avoid Debt Settlement
Important Questions To Ask
|
Credit Counseling
|
Debt Settlement
|
| Will It Hurt My Credit? |
NO |
YES |
| Will You Continue To Pay My Creditors? |
YES |
NO |
| Will I Stop Getting Collection Calls At Home & At Work? |
YES |
NO |
| Can My Wages Be Garnished When In The Program? |
NO |
YES |
| Can I Receive Court Summons When In Program? |
NO |
YES |
| If I Follow The Program Can You Guarantee My Debt To Be Paid? |
YES |
NO |
| Will I Continue To Get Late Fees? |
NO |
YES |
| Will I Continue To Get Over The Limit Fees? |
NO |
YES |
| Will This Bring Me Current With My Creditors? |
YES |
NO |
| Will I Receive Potential Attorney Fees? |
NO |
YES |
| Will My Debt Be Sent To Collections? |
NO |
YES |
| Will I Pay The Program Fees Up Front? |
NO |
YES |
The Debt Settlement Warning Videos
Senate hearing on debt settlement industry
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“…I’m not aware of any statistics that you’ve helped anyone.”
FTC’s new regulations on the debt settlement industry
[jwplayer config="Default-Player" file="http://www.youtube.com/watch?v=XkeT37DwDWM?rel=0"]
“…that’s a business model based on deceit.”
Senator Charles E Schumer: Senate
Judiciary Subcommittee on Consumer Rights
[jwplayer config="Default-Player" file="http://www.youtube.com/watch?v=OGbbE0SxfsA?rel=0"]
“…they’ve just been taking people to the cleaners on this. They come in and say they’ll settle your debts and then they charge such a fortune that you wish they hadn’t even helped you.”
What the BBB has to say
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“…it’s best to contact a certified credit counselor who can walk you through your different options.”
-Marissa Gabrysch, BBB Media and PR Manager
MSNBC Reports
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Today Show
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