5 First Steps to Deal With Debt

Reader Comments
Back to article

I did this debt settlement program and it worked out very well. I was 40K in debt fell behind 4 months and was being yelled at by creditors. I went with this company my sister referred me 2. And they were a great help. They settled my debt,helped me with my taxes as money you save can count against you. Which I didn't know and they have a credit improvement program after you settle your debts to rebuild your Credit score. Theres a zillon Debt help agency's and I know how hard it can be to find a good one. Heres there information
WFS Debt
www.wfsdebt.com
1-877-378-3593

Valinda of CT 9:49PM March 30, 2010

www.saving-money.net

nike adam of AZ 2:01PM September 24, 2009

It is not commonly known that using a reputable company such as Consumer Credit Counseling can result in being turned down for a mortgage refinance. We were in the program voluntarily, were up to date on payments and were approved for the refi until they told us that their underwriters wouldn't accept anyone on this program. Apparently the only reason we were denied was this attempt to get our debt paid in a responsible manner. I feel that the average person is being screwed and if we were deadbeats or a big oorporation we'd have had more assistance/understanding.

Laura of OH 12:57PM September 02, 2009

Settle My Debt
Did You Just Type Into Google - "settle my debt" ??
Debt Settlement Companies Own Up!
"You Don't Have to Pay Monthly Junk Fees to Settle Your Debt!"
Americans who have already settled their debt after typing into Google "settle my debt" have derived a national average of $25,000.00. Some have $5,000 to settle, and some have $105,000 in debt to settle. This includes credit cards, medical bills, and all other "unsecured debt."
Regardless of how much debt you have, the real money you should be saving is on the monthly junk fees when making payments that go into your "Special Purpose Account" for your debt settlement program.
advertisement | http://SettleMyDebt.TV
So, for instance, if you are $25,000 in debt and want to stop paying back minimum payments on your credit cards, or the little bit more that you can afford to pay each month, only to find out that the next month's bill is even worse, and you didn't even spend any more money on the card, you need to clearly understand your options!
Debt Settlement works when you're not paying monthly junk fees. You know what junk fees are; the fees that some other person in a debt settlement company is lifting from your pocket to theirs, but with no different outcome to settling your debt.
You see, there is no difference between which debt settlement company can settle your debt for a lesser percentage of the total debt. They will "All" settle your debt for approximately 50 cents on the dollar. Don't expect more even if the very persuasive salesperson calling you says they can settle your debt for less. They are reading from a script, and reality is that the faster you pay back your settlement, the lower you can pay back percentage wise. Stretching your payments out doesn't help you, it hurts.
If you're going to settle your debt with a debt settlement company, muster up as much as you can possibly afford each month, as this enables the company to settle your debt for less.
Remember, debt settlement companies exist to provide a service, and that service should cost you 15% of your total debt, but there should be no monthly service fees or maintenance fees.
NOTE: Every single debt settlement company in the nation must use a third party processing company to move your money (debit your account) from your checking account to your special purpose account (this is the account that is used to settle your debt.) They charge approximately $9.00 each month, and no debt settlement company in the nation can avoid this fee; do not confuse this nominal fee with any other monthly or maintenance fee.
advertisement | http://SettleMyDebt.TV
Read the Full Article: http://richardpreisig.com

Richard Preisig aka Rich Preisig of CT 11:58AM August 30, 2009

Great Point Steve, there are a number of bad actors in the industry making hard for honest and ethical professionals to help people avoid bankruptcy with debt settlement.
The worst thing about the debt settlement industry are companies who deliver unrealistic expectations in the beginning like 70% debt reduction, and total debt relief in 60 seconds. I happen to see an ad next to this post now saying how you can cut your debt in half.
I clicked on it and then viewed the privacy policy at this .net debt relief site and it states how your privacy is important, yet it gives permission to market your information to other parties who will contact you- or "sell" a program to you.
When the bar gets set too high in the beginning it leads to consumers who feel like the company didn't deliver on the promises or expectations in the beginning and when that information reaches the wrong hands people end up in a bigger mess. I suggest for any other readers of the post to check out CertifiedDebtSettlement.com, to find a personal debt consultant to help them instead of a telemarketer.

Ryan Ortega of AZ 1:35PM August 28, 2009

I agree, dealing with debt settlement companies is a risky proposition. There are too many out there that aren't looking out for the customer's best interest. With federal regulators, State Attorney Generals and FTC all setting their targets on the industry maybe at some point it'll be a viable option, but not right now. Unfortunately, the act itself is a legitimate and cost effective way of resolving debt. If it weren't for the mass of unethical companies this might be looked at in a favorable fashion.
iSETTLEDit.com to offer do it yourself debt settlement help. iSETTLEDit.com is the internet's largest FREE resource on debt settlement. We have the resources, tools, tips and community feedback to help you make the decision that's best for you.

Steve Rogers of AZ 8:38PM August 26, 2009

In a recent study by Richard A. Briesch, PhD, Associate Professor, Cox School of Business, Sothern Methodist University, titled, "Economic Factors And The Debt Management Industry", Dr. Briesch concluded that, "The debt settlement company generates tremendous value to it's clients, as more that 57% of the clients have offers to settle at least 70% of their original debt...".
Companies such as Totaldebtrelief.net are in fact leading advocates for consumers to avoid bankruptcy, when there are other more effective programs for reducing and eliminating debt such as debt settlement, debt consolidation, and consumer credit counseling.

John Chase of IL 2:36PM August 26, 2009