Postarticles.infoInformative Articles On Just About Any Topic!

Voted Most Popular on eBay

(No results found.) What's hot on eBay right now?

Secret watchers?  =>

More and more people are responding to the radio and television ads promising to eliminate 50% or more of your credit card debt even though virtually every major news outlet has cried foul on the debt settlement industry. The FTC has gotten into the act and is reviewing legislation that will eliminate the enormous upfront fees charged by most settlement companies.

While this is a strong step in the right direction we should be looking at more than their fees. Over the past year credit cards have stopped working with settlement companies. Simply stopped. They are no longer taking their calls, sending out letters to clients bashing the industry and offering to settle directly with the consumer. Forget about the regulation for a second. Should they be able to charge a dime for something that they can’t even do? If no one works with them and they know it and they still enroll you into the program isn’t that fraud? Misrepresentation? Something?

That unfortunately is just the beginning. Did you know that some creditors as soon as they receive notice that you are working with a debt settlement company will immediately send your file to their litigation department? That’s right, don’t pass go, don’t collect $200, go directly to the litigation department. This is simply done because you are working with a debt settlement company, no other reason. The creditors don’t want to work with them. Worst of all, the settlement companies know this! If they don’t, then they never had the knowledge or creditor relationships to help you. Either way you are being fed to the wolves.

The argument from the industry is that debt settlement is a viable option for consumers looking to avoid bankruptcy and credit counseling. Personally, I see bankruptcy as a last option and I can’t stand credit counseling. They get kick backs from the credit card companies and in my opinion immediately makes them no longer on your side. Settlement companies claim that they help thousands of people a year eliminate their debt and take back control of their lives. Of that I’m positive. They do settle unsecured debt for some of their clients and in some cases for the 40%-50% that they advertise. But for every 1 family they help, they hurt 10. For every account they settle for 40% they settle eight at 70%. And unfortunately in my opinion that is not a number that works.

The FTC and State Attorney Generals have recently started asking for this kind of client data from settlement companies. When those numbers are finally given and compiled the FTC and other regulators are going to find that the debt settlement industry is one of the largest frauds being committed in America today. I was made aware recently that one of the largest settlement companies in the United States reviewed their client data. After the review the numbers showed that they averaged nearly 60% settlements for their clients. Not bad right? That’s what I thought, until I was told that it did not include their fees. So, in essence they are settling for approximately 75% of the original balance. Yet they still advertise 40%, 50% and as recently as yesterday I came across a company advertising 70% off your balance. Call your credit card company yourself and you’ll trip across a 75% settlement offer.

At some point most settlement companies will be shut down, credit card companies will be held accountable for their horrible business practices (they are nearly just as bad) and consumers will be able to work with their creditors directly to work out a payment arrangement without threats of lawsuits and garnishments.

I would like to say that NOT every settlement company is as bad as I have portrayed. We have created a top settlement company list based on YOUR reviews, feedback, anonymous shopping and the company’s performance history.

I have created a free website that will help you attempt to settle on your own, iSettledit.com. We want to help those being abused by debt settlement companies and their outrageous fees. We hope that by offering this free website we can help families stricken by today’s economy and high unemployment.
Unfortunately many creditors don’t relate with your situation and only worsen things with their harassing phone calls and letters.
If you have been avoiding those calls try iSettledit.com and see if they will start communicating on your terms.

Get practical recommendations in the sphere of internet marketing – please go through this web site. The time has come when concise information is truly at your fingertips, use this possibility.

Related Reading:

Financial First Aid KitNolo's Financial First Aid Kit: the complete set of personal finance tools designed to help you solve your urgent money matters, build a solid financi... Read More >

Get Out of Debt Now Learning to Save Money. Money Management Subliminal CdOne easy tool to help you achieve your goal. We all strive with bad habits, and not anyone it is born an accountant. Try to find your sollution with t... Read More >

Public Debt Management: Theory and HistoryThis book from the Centre for Economic Policy Research collects theoretical, applied and historical research on the welfare economics of public debt; ... Read More >

A Survival Guide to Debt: How to Overcome Tough Times & Restore Your Financial HealthPaying bills with credit cards? Cringing every time the phone rings? Avoiding a stack of mail from your credit card company? Have you given up hope th... Read More >

What You Can Do To Conquer Your Credit And Debt Problems - First EditionJust because you are the one being pursued doesn't mean that you don't have a way to make the bill collectors have to do their own due diligence. More... Read More >

Popularity: unranked [?]