If you are new to the blog, click HERE to start at the beginning of my story.
I am out of the woods with my debt settlement tribulations. Having successfully navigated the crazy road, I am intent on paying it forward and providing information for consumers struggling with unsecured debt.
One of the biggest aspects to consider is this:
Only 30% of those people enrolling with a debt settlement company successfully complete the program.
That means 70% of those enrolling end up paying fees to the debt settlement company, but never getting out of debt. Obviously the system is broken and something needs to change. The articles below are an indication of what’s to come.
“…less than one of every three customers successfully completes these programs. At one firm – National Consumer Council, which was shuttered by the FTC in 2004 – less than two percent of customers successfully completed their debt settlement programs.” to read more click HERE
“State attorneys general and consumer watchdog groups say the debt settlement industry takes advantage of Americans whose lost jobs and lost income is pushing them towards bankruptcy, making dubious promises and fleecing them of their last dollars, The New York Times reported Saturday.” to read more click HERE
“Owners of debt settlement companies meeting at a Florida resort anticipate major changes to their industry, according to a recent profile in the New York Times. Writer Peter S. Goodman interviewed members of the United States Organizations for Bankruptcy Alternatives, a debt settlement trade organization whose own studies indicate that only about a third of Americans seeking debt settlement successfully complete their programs.” to read more click HERE
“State attorneys general from New York to California and consumer watchdogs like the Better Business Bureau say the industry”™s proceeds come at the direct expense of financially troubled Americans who are being fleeced of their last dollars with dubious promises.” to read more click HERE
Stay tuned. Stay afloat. Wealth and freedom are in your future.