Is Debt Settlement Like Car Buying?

I certainly hope not, but, putting hope aside please allow me to share some of my consumer experiences as a debt relief counselor.

I cannot tell you how many consumers call debt relief companies and say "so tell me about your cars, I mean programs. Yes, of course I am being cute. But, the analogy works. The whole purpose of counseling to for the counselor to understand the consumers dilemma. Only by analyzing the budget, and overall situation, things like, how did the debt get to a crises point, can a counselor recommend possible solutions. People actually go from website to website simply filling out requests for contact, and when they are contacted, say: What is the lowest payment you can give me for your settlement program for 50,000 dollars of debt.

Frankly, this is a game I always refuse to play. I am not ebay. These consumers have no idea of the quality of the company or program, or even if it is right for them. They have all read about the FTC law changes to the creditor debt settlement industry and now they have all become their own experts. Having no idea of whether or not any other more suitable solution may even exist. Rest assured their are plenty of companies who could care less about you, and your situation and are more than willing to throw you into their debt settlement program, even though they may be just throwing you to the wolves. Unfortunately, no law can address this situation.

I say, simply do your homework. Just be sure the debt relief counselor you are speaking with has enough knowledge to really evaluate your situation, and work with you to find the best resolution, whatever that may be. This can only happen if you are dealing with a company or individual who can place you in a wide range of programs.

If you want a serious objective view of your debt situation, visit: FREE credit counseling.

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Written By:
Steven Ciantro
Credit Counselor
National Association of Certified Credit Counselors
Member Debt Negotiation Association Review Board
American Debt Enders 877-766-2465
help@americandebtenders.com

Comments

[debt relief services]

I have good credit perfect payment history but awful DTI and will be in debt for years to come paying only the minimum payments on my card does debt relief sound like a realistic option for someone like me, since I will never make late payments?

[Steven Ciantro]

You really should be more concerned about getting rid of the debt--Carrying a high debt load is like walking in quicksand...
A debt management program should be explored..