New law tightens rules for debt firms June 9, 2009
Posted by BDO in News.Tags: beating, consumer, counseling, credit, Debt, government, loan, relief
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Facing about $19,000 in credit-card debt, Cindy Sexton of Bloomington turned to the Internet for help last summer.
She latched onto a debt-settlement company that she paid $266 a month to help get caught up with her bills…Sexton was summoned to court twice by the credit-card companies, and her wages were garnished. After numerous calls to the company, she learned that $200 of the $266 was going to administrative and lawyer fees, leaving just $66 going toward an account that would eventually be used to negotiate down her debt.
A law passed by the Minnesota Legislature this spring and that goes into effect Aug. 1 tightens rules for debt-settlement companies, including preventing them from advising consumers to stop paying creditors and charging excessive fees up front.
This situation is starting to happen all over the country. If you keep your ear to the news, many states are imposing new laws on the “Debt Settlement” and “Debt Counseling” services. This is in response to many new companies popping all over the TV, radio, and Internet promising to do magic with all of our personal debt. However, we learn later, their good intentions are only as good as long as their pocketbooks are being filled by your money. Many of those companies are only out to MAKE MONEY. They are not out to help you. Furthermore, most of the “services” they provide you can do yourself.
We’ve talked about this before in the blog entry called, “Debt Relief and Credit Counseling“. Please be careful when resorting to a “Debt Relief” or “Debt Counseling” service. During the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon.
For more on this article, click here.
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http://www.goodsearch.com/?charityid=877125
and other opportunities.
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Mo. AG sues Texas company over debt-help promises June 5, 2009
Posted by BDO in News.Tags: beating, consumer, counseling, Debt, depression, economy, finance, legal, relief
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Koster says the Richardson, Texas, company advertised that it could get customers out of debt within three years and cut their monthly credit card payments in half. But he says the company took customers’ money without solving their problems.
Another company is now a part of court battles, because many are experiencing that these “Debt Relief” and “Debt Counseling” services are more about MAKING MONEY than actually helping people out. We’ve talked about this in an earlier blog posting called, “Debt Relief and Credit Counseling“. As we are seeing, most of the companies that are popping up all over our radio, TV, and internet are service companies that are out to MAKE MONEY. Please evaluate these companies critically and ensure they are preforming a service that you can not do yourself or that is really worth it.
During the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon.
For more on this article, click here.
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GoodSearch for BeatingDebt.org
http://www.goodsearch.com/?charityid=877125
and other opportunities.
Volunteer or Donate to Help Convince People To Stay Away From Debt.
Debt Negotiators May Give Little Relief to Consumers May 29, 2009
Posted by BDO in News.Tags: beating, counseling, Debt, economy, finance, money, relief
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By Jamie McGee
Ulish Hopkins, a former bus- dispatcher from Chicago, turned to a debt-settlement company last year after piling up about $30,000 in credit-card bills. Seven months later, he owed close to $40,000.
“I don’t use credit cards anymore,” he said. “I’m already in the hole, I don’t want it to be dug deeper.”
News articles like these are very disheartening. When we are so strapped, stressed, and enslaved by debt, many will listen and follow any smooth talking marketer that rekindles our hope for success, renewal, and freedom. However, the only way out of an addiction to debt is slow (and sometimes painful) repayment of our debt. By simply repaying what we borrowed without any gimmicks, every month we will get closer to true success and our day of freedom.
As we’ve talked about before in our blog entry called “Debt Relief and Credit Counseling“, please be careful when signing up with Debt Relief and Debt Counseling Services. Remember, these are businesses that are out to MAKE MONEY. During the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon. Know your rights. Determine if what they will do for you is really worth it, or if you could do the same thing yourself for free.
To read more about this article, click here.
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GoodSearch for BeatingDebt.org
http://www.goodsearch.com/?charityid=877125
and other opportunities.
Volunteer or Donate to Help Convince People To Stay Away From Debt.
West Virginia Sues Over Credit Counseling Scheme May 19, 2009
Posted by BDO in News.Tags: beating, consumer, counseling, credit, making, management, money, relief
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The state filed a suit May 7 alleging that James R. Armstrong Jr., of Coral Springs, Fla., wanted to make money through exorbitant fees by providing debt management services with defendant Family Credit Counseling Corp. to consumers in debt, according to court filings.
Other defendants are Debt Solutions Foundation, Top Financial Sales & Marketing, Consumer Financial Marketing, Consumer Debt Management & Education, JRA Property & Land Management and Vegga Corp.
More bad news for “debt management” companies. However, as we talked about in an earlier post called “Debt Relief and Credit Counseling“, many “debt relief” companies are more focused on MAKING MONEY than helping those that are struggling. Please use caution when considering using one of these “Debt Relief” or “Credit Counseling” companies to “make life easier”. Remember, the old slogans; There is no free lunch and there is no “Get Rich Quick”. We are on a financial marathon. Make your plan to beat debt and have the discipline to stick with it.
During the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon.
To read more about this article, click here.
~~~~~~~~
GoodSearch for BeatingDebt.org
http://www.goodsearch.com/?charityid=877125
and other opportunities.
Volunteer or Donate to Help Convince People To Stay Away From Debt.
N.Y. attorney general probes debt settlement firms May 8, 2009
Posted by BDO in News.Tags: beating, consumer, counseling, Debt, depression, economy, finance, great, relief, settlement
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By Reuters
Investigators are seeking information from 14 debt settlement firms nationwide over their fee structures and what kind of relief they are providing to consumers in the financial crisis,
“Companies in the debt settlement industry often prey upon consumers who find themselves unable to keep up with credit card payments during these difficult economic times,” State Attorney General Andrew Cuomo said in a statement.
These are troubling statements. However, as we talked about in an earlier post called “Debt Relief and Credit Counseling“, many “debt relief” companies are more focused on MAKING MONEY than helping those that are struggling. As we talked about earlier, please evaluate these companies that are popping up all over the internet, radio, and TV. Figure out if they are doing something that will legitimately do something you can not do yourself or help you accomplish a goal that you need assistance.
During the “greatest economic downturn, since the Great Depression“, many people are trying to use our frustration, hesitation, and fear to manipulate us to MAKE MONEY and wield power. Be on your guard and stick with your current plan to beat debt to make a successful financial marathon.
What are your experiences with a “debt relief” company?
To read more about this article, please click here.
~~~~~~~~
GoodSearch for BeatingDebt.org
http://www.goodsearch.com/?charityid=877125
and other opportunities.
Volunteer or Donate to Help Convince People To Stay Away From Debt.
A phone call can reduce credit card interest rates April 20, 2009
Posted by BDO in News.Tags: beating, call, consumer, counseling, Debt, interest, phone, rates, relief
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That said, if you have been reliable, call the credit card company and remind them that you have been an excellent customer for many years. Tell them that you are being offered a better interest rate on other cards, and ask them to meet those terms.
BDO has talked about this before in our previous blog “Debt Relief and Credit Counseling“. Calling for better rates is something you can easily do yourself when you call to speak the representative’s supervisor. There are many companies that will do this for you for a fee. Please evaluate each company for its merits and intended services and determine if what they are doing is something you can do yourself for less money.
For more on this article, click here.
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GoodSearch for BeatingDebt.org
http://www.goodsearch.com/?charityid=877125
and other opportunities.
Volunteer or Donate to Help Convince People To Stay Away From Debt.
Debt Relief USA refunding $500K to Georgians March 19, 2009
Posted by BDO in Debt is Slavery, News.Tags: beating, consumer, counseling, Debt, economy, finance, making, money, relief
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A Texas debt adjustment company has agreed to refund $527,205.55 in fees to 330 Georgians to settle charges it violated state law.
Debt Relief USA Inc. also will reimburse the Governor’s Office of Consumer Affairs $40,000 for expenses and will cease operations in the state until its practices comply with the Georgia Debt Adjustment Act.
In a previous article called Debt Relief and Credit Counseling, we discover the three main ways “debt relief” companies MAKE MONEY off people’s misery and debt. This news article is an example of a company that is making a lot of money off Georgians. How much more are they making off the rest of the country?
Like we said in that post, there is a lot of money to be made in debt!
Please remember, most of the products and services that “debt relief” companies offer can be done yourself. YES YOU CAN!
To those seeking debt solutions, please shop responsibly. There are many financial blogs that you can gain a wealth of information to help in your situation -or- start your own blog to solicit responses and help to your situation in beating debt.
Don’t get caught up in the new wave of “debt relief” that is just masking businesses MAKING MONEY off your misery and debt.
To read more from this article, click here.
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GoodSearch for BeatingDebt.org
http://www.goodsearch.com/?charityid=877125
and other opportunities.
Volunteer or Donate to Help Convince People To Stay Away From Debt.
A Kid's Guide to Managing Money (Ready-Set-Grow Series)
