Debt Settlement Can Help The Economy! 1-877-386-3603

One of the ways that our economy will be back to the previous state it was is by spending money. Years ago money never seemed like an object and now it is something that is so scarce. There needs to be a happy balance found but that is a difficult thing to achieve when so many people are trying to pay back the money they spent years ago and charged to their credit cards.

A company that is helping people get out of debt is The Debt Settlement Program, they negotiate your balances with your creditors to settle for less than you owe. After this debt is paid off in a relatively short amount of time (compared to if they were to have paid it off through the creditors), these individuals will have freed up some of their cash flow that will allow them to go out and spend more money…which in return, will help boost up our economy to a healthier state.

However, some of these debt settlement companies definitely need to be feared. There are a ton of debt settlement companies out there that charge outrageous upfront fees and simply only care about taking your money. A sign that a company is legitimate is if they are a member of ACCORD (The America Coalition of Companies Organized to Reduce Debt). All debt settlement companies are going to charge a fee for their services (unless they are not for profit) but just because you have to pay for these services, does not mean that you should pay outrageous amounts of upfront fees! That’s not fair!

One of the best perks of debt settlement is that after you complete the program, you will find yourself free of your unsecured debt with a satisfied creditor. With bankruptcy, not only does it ruin credit, but your creditors often times do not collect any money for your debts. With debt settlement, these creditors are more likely to take a settlement offer because “something is better than nothing.”

The Debt Settlement Program is one of the only debt settlement companies in the nation that has NO upfront fees in their Simple Plan program. In addition to that awesome incentive, they are a certified member of ACCORD. If you are interested in learning a little bit of more information about the Debt Settlement Program, visit them on the web at The Debt Settlement Program. They also can be reached toll-free at 1-877-386-3603

What Debt Settlement Firm is For Me?

This economy has really turned some people to the dark side. As many individual’s are struggling to keep their families afloat, they are willing to go to all measures to make ends meet. There are quite a few fraudulent debt settlement companies in the country today that are taking advantage of their customers by charging outrageous fees and making promises that they can’t keep. In the end, the clients are usually in worse financial shape than when they entered the program.

As a consumer, you have so many options available to you!! Shouldn’t you be able to do a little research to pick the BEST debt negotiation company for you? There are a few guidelines that can help determine a legitimate debt negotiation and settlement company. ACCORD (The American Coalition of Companies Organized to Reduce Debt) is a non-profit agency that can help when searching for the proper company. Debt Settlement companies that are members of ACCORD have gone through screening processes that verify they are in the industry to help you, not to scam you.

You have the right as a consumer to ask about a company’s track record. What are the fees involved? What are the out of pocket costs? How long have you been in business? Some companies will try and dodge these questions by not giving you a black or white answer; in that case, run! The Debt Settlement Program has a Simple Plan that has NO UPFRONT FEES! Not only do they have an amazing track record, but they are there to settle debt, not take your money and run with it. When thinking about eliminating your unsecured debt, just do your research on the company first!

Debt Settlement or Mortgage Refinance?

If you ever meet a financial planner who says that a mortgage refinance is a good idea to pay off your unsecured debt, run the other way. One of the issues that I have found with this “trick” that many people attempt is that they pay off their credit card debt, think it was easy, and shortly after find themselves back in the same pickle. Eventually, they often times will have racked their debt back up, and now have less equity in their home.

When you work with a Debt Settlement Company to settle your unsecured debt, you have to go without using your credit cards (only the cards that you have enrolled in the program) for the length of time that you are involved in the program. By not being able to use your credits to dig yourself further into debt, you are learning how to live independently, without your credit cards.

There are so many other perks to Debt Settlement. By the time you leave the program, you have paid off your unsecured debt and have a sense of accomplishment for doing it on your own. Financial Consulting Services offers a simple program that has no upfront fees! Visit them on the web or give them a call for your free quote!! 1-877-682-4859

Debt Consolidation vs. Debt Settlement

How would you like to consolidate your debt? The mere thought of being able to consolidate all of that debt would be appealing to anyone…unless they knew that they could settle that debt for much less. Debt consolidation=a loan; which in return, puts you further into debt. Many of the large debts that people in today’s economy face are those such as mortgages they can not afford (foreclosure), medical bills, credit card bills, and some incur debt for reasons they might not be in control of: like job loss or pay cuts.

Many people ask themselves, “Well then if I shouldn’t take out a loan, what are my options?” The decision is a tough one, but if you look at it from a simple standpoint: what is the company that is reliable and affordable? That’s us!

It is a true oxymoron to think that taking out a consolidation loan can help eliminate your debt. The only thing that you are doing is moving all of your eggs into one bucket…which in this case, is not necessarily a good thing. You will be responsible for the stress of finding the loan consolidator and becoming approved for the loan.
With a debt settlement company, they handle the negotiations for you. If there is anything that you need during the debt pay-off process, you have a personal debt consultant agent to give you all the advice and guidance that you need. That is nice! Over time, as you pay your negotiated debt off, you will become more financially responsible.

A large scam to lookout for is if the debt settlement company charges any upfront fees. Many of the reliable and authentic companies will not charge you anything up front. Call us today for more information why to use a debt negotiation vs. a debt consolidator or get more information at The Debt Settlement Program!

Debt Solutions of America Getting Spanked By Chicago

The debt settlement industry has always been scrutinized for not upholding promises made to consumers who are already struggling. They have always been harassed by the Federal Trade Commission for taking advantage of those in financial strain. And for good reason. Many of these companies are extremely shady and want nothing more than to take your money and run. It seems to be common theme among debt settlement companies.

For this reason, state and federal government agencies are taking back control of the debt settlement industry and placing consumer rights at the fore-front. Illinois Attorney General Lisa Madigan is currently taking charge of the effort in Chicago. According to a Chicago Tribune article, Attorney General Madigan has seen an increase in the amount of complaints that her office receives regarding fraudulent debt settlement companies.

In this case, Debt Solutions of America is under fire for taking their clients’ money and not fulfilling promises to reduce credit card debt by 50 percent! One of the first rules of the debt settlement industry is not to make promises that you cannot keep. To be completely transparent and honest with your client is the best thing that you can do, even if it means not being able to tell your client everything they want to hear.

According to the article, Debt Solutions basically promised to get clients out of debt. With this promise, clients were required to stop payment on any credit cards, and redirect payment to Debt Solutions on a monthly basis. While they were paying monthly debt settlement fees, Debt Solutions did nothing to settle their debt. Many clients were eventually sued by their creditors.

“These charges are outrageous and baseless,” the firm said, adding that it has a letter from the state of Illinois “confirming that we are a legitimate business” operating within the law. (Chicago Tribune)

According to ACCORD membership guidelines, a reliable source when it comes to setting debt settlement industry standards, Debt Solutions biggest mistake was its failure to be completely transparent. By telling clients to stop paying on their credit card debt, and not informing them of the possible consequences to their credit score and wallet, they were shuffling around the system. By not informing customers of an estimated time frame, and by not working to meet that time frame, they were changing the debt settlement game to meet their needs.

A respectable debt settlement company will be a member of ACCORD or USOBA. They also will have a great track record and numerous client achievements. In most cases, they will not charge upfront fees. Since the FTC is beginning to really crack down on the industry, if your debt settlement company is still charging upfront fees it will probably have to change soon anyways as the FTC proposes legislation to stop that practice.

In Illinois, Attorney General Madigan isn’t the only one cracking down. Illinois State Treasurer Alexi Giannoulias has proposed new legislation of his own to help keep consumers safe from fraudulent debt settlement companies. According to Giannoulias, many debt settlement companies will tell clients to stop paying their credit cards and instead make that deposit monthly toward the debt settlement. In many of those cases, the debt settlement company promises a settlement worth pennies on the dollar, and yet does not deliver, while the client plunges further and further into credit card debt.

The proposed state legislation would require debt settlement companies to be licensed in the state and the fees they charge would be capped at $50 upfront and $30 per month. Additional fees could only be based on how much consumer the consumer actually saved. Other steps would also require the companies to provide monthly statements and would also bar them from the credit score damaging process of advising people to stop making their regular payments. (Credit.com)

ACCORD members who are a part of The Simple Plan charge absolutely no upfront fees and have no hidden costs. It is a great program that ACCORD is actually working with legislators, politicians, and lobbyists to give some traction to. With The Simple Plan, the fees are based on the amount saved on the debt settlement. This is a wonderful new debt settlement program because it forces the debt negotiators to work hard for their clients’ settlement. The greater savings the debt settlement company gets the client, the more they have to gain. It’s a win-win for everyone involved, and it is completely transparent.

For more information from a respectable debt settlement company who is accredited by ACCORD and USOBA, visit http://www.bestdebtnegotiator.com.

Credit Card Statistics

Some new credit card numbers have been released from Credit Karma this month, reviewing the past few months of consumer credit debt history. Good news! We are slowly getting gout of debt!

Overall, U.S. consumers have been finding ways to dig themselves out of credit card debt, even with the ridiculous unemployment numbers and foreclosure rates. Nationally, credit card debt has decreased a whopping 4%! That is an amazing number when you consider these rough economic times that we still find ourselves in.

What is also amazing is that overall national credit scores are improving as well. Nationally, U.S. consumers have brought up there credit score by 32%, while 32% have remained the same number and 29% have decreased. Today, the average credit score is 672, which is a pretty good number considering our situations.

While all news isn’t great on the credit card front, and in yesterdays posting we spoke about how tough credit card companies are being on Arizona residents, things are definitely turning around. Louisiana is one of the states that has continued to fall below the line. The latest numbers from Louisiana show a credit debt increase of 15%, although their state average credit card balance is almost a thousand lower than the national average.

As I’ve said time and time again, perhaps this crushing economy hasn’t been all bad for us. If you’ll allow me to get on my soap-box for a minute, we all know it’s been excruciatingly tough for families to keep dinner on the table, however it has also been inspiring to see families spending time together. How many families are sitting around the game table playing Monopoly again? Or talking a walk to the park with the dogs instead of sitting in front of a movie or going out of town? I know many families who spent more time relaxing in a campsite, together and happy, rather than going to an expensive resort and never spending any time together.

Need more information on how to get out of debt? Check out http://www.bestdebtnegotiator.com.

Arizona Residents Not Getting Help

While the Credit Card Act 2009 was supposed to help consumers, many in Arizona are still feeling the pinch of greedy creditors. A disturbing account of credit card activities is chronicled today in the Arizona Republic, telling the stories of many Arizona credit card holders who are not feeling any positive effects from the Credit Card Act. In fact, their situations are actually getting worse.

Hit by fallout from the recession, housing slump and rising unemployment, many institutions have scaled back lending. Last week, the American Bankers Association reported record-high delinquencies in three consumer areas: home-equity loans, equity lines of credit and credit cards.(AZ Republic)

According to the American Bankers Association, it’s Washington’s fault. When they began passing legislation to regulate the credit card industry, as well as home loan lenders, they gave the American people false hope that things in the industry would change for the better. (Really? That’s their reasoning!)

“Sometimes, expectations don’t always line up with reality,” said Tanya Wheeless, president and CEO of the Bankers Association.

Of the problems that Arizona residents are facing with their credit cards is the out-of-the-blue rate changes, the limit decreases, and the supposedly-fixed-rates being changed to variable rates. Credit card holders in Arizona, and around the country, are furious.

“After they get bailout money, they want more,” said one Arizona resident fighting with his credit card company. “Our tax dollars are not enough for them.”

But, the bankers and credit card companies continue to blame the government for the new legislation. It’s the new legislation, they say, that has made it harder for them to provide for their clients. Lenders warned Washington that the new legislation would lead to higher borrowing costs, which now seem to be setting in.

While owning a credit card and a bank account usually costs the consumer no additional fees if they make their payments on time, fees for making withdrawals from ATM’s not owned by their bank and bouncing a check are rising dramatically.

For more information on credit card debt, visit http://www.bestdebtnegotiator.com.

Debt Settlement Companies and You

After much discussion and financial stress, you’ve decided that it’s time to get some help getting out of debt. You are taking that first step towards financial freedom by realizing that you just can’t do it alone, and someone needs to give you a helping hand. So, now what? Where do you turn? How do you even begin to search for a reputable company that will help you out of debt without emptying your bank account and wallet.

Accredited and reputable companies are out there in the debt settlement industry, but, we won’t lie, they are hard to find. You have to know where to research, what questions to ask, and how to trust your instincts. It’s your debt, your hard earned income, and your decision. Let no one, no matter how salesly or how many promises they make, take away that gut feeling you might have about a company. There’s always time and always more companies that are willing to work with you. Remember, they are hurting just as much as you are in this rough economy. You have the upper-hand.

1. Two websites that I would recommend checking out when making your debt settlement decision are the United States Organizations for Bankruptcy Alternatives (USOBA), and the American Coalition of Companies Organized to Reduce Debt (ACCORD).  These two organizations have proven track records and allow only reliable and credible debt settlement companies to enroll.
   1. USOBA, the older of the two organizations dedicated to equally protecting both the consumer and the industry, and ACCORD have strict guidelines for enrollment. These guidelines include complete transparency when negotiating with consumers, avoiding the urge to make promises to consumers, and being completely realistic when estimating expected time until settlement. If the debt settlement company you’re investigating is not a member of either one of these organizations, it might be best to continue your search.
   2. The most important factor regarding membership with USOBA or ACCORD is that the debt company must be transparent. This means that they cannot make a promise about what your settlement balance will be and they cannot promise a time frame. In this industry, there is so much negotiation that needs to be done it is nearly impossible to promise exact settlements and time. If the company you’re talking to promises to save you 50% on your balance, run for the hills.
   3. Is the debt settlement company asking you the right questions? Does this debt company adequately pre-screen its potential clients before enrolling them? One of the most overlooked steps in the process is the qualification of potential clients. Many times a debt settlement company will quickly qualify, get you to sign the contract as they make the big promises, and then realize that they cannot help you after you have gone through the process. It can be the most heartbreaking thing to have to go through, because in many cases you won’t find out until you’ve made many payments.
   4. Ask what the charges are, and exactly where your money is going. A fraudulent debt company will give you some small percentages and tell you again and again that they will get you out of debt no matter what. If they charge large upfront fees for initiating the program, run for the hills. The FTC is beginning to consider demolishing all upfront fees for debt settlement services, so if your company is still charging you might want to consider looking for a company that does not.
   5. Are you comfortable with their customer service agents? In most cases, you will be assigned a debt negotiator and/or customer service agent. This person will be your go-to-guy, and you’ll probably talk to them as much as you talk to your husband or wife. Be sure that you are completely comfortable with this person, and that your gut feeling tells you to trust them. If they’re supportive, informative, blunt, and experienced, then you’ve got the right person. If they are aloof and simply tell you what you want to hear, as much as you want to hear the perfect answers, it will not help you in the long run.
      1. How often will they contact you? Will this debt company not only help you to get out of debt, but coach and counsel you on your spending habits. The best debt settlement companies will do more than just negotiate your debt; they will attempt to help you change your spending habits.
      2. A huge red flag to be aware of, which should be common sense, is if the debt settlement company enrolls you without a contract. You must sign a contract! That contract must lay out exactly what your enrollment entails.

 

For more information, visit http://www.bestdebtnegotiator.com.

Consumer Credit Counseling

Consumer counseling services are always a great route to take in your DIY attempts to get out of debt, however, it’s important to read the small print and keep in mind that your credit will not be fixed overnight.

There are great advantages and disadvantages to credit counseling, and most of the time it’s one of those things that’s really just too good to be true.

Consumer counseling basically aims to lower your interest rates with your creditors while counseling you on how to manage your finances. A credit counselor will sit down with you a specified number of times a week or month, work with you on your finances and where you should and should not be spending money, and will negotiate with your creditors to lower your rates and your payments.

The downfall to all of this is that they do not negotiate your ending balance, and though your monthly payments may lower and your interest rates might look better, your ending balance will only continue to rise and you will be stuck once again.

Most consumer credit counseling services these days prey on people who have never even been late on a credit card payment, but are unhappy with their high interest rates. These days, who isn’t unhappy with their credit card rates? Where the credit counselor will get you is when you agree to listen to their plan, they suck you in and offer you debt settlement services instead, with outrageous upfront fees.

The shadiest part of the credit counseling route is that many companies get a “kick-back” from the lender themselves! Here’s the rub: according to MSN Money, most of the counseling services’ fees are paid by the lenders themselves, which send back to the services a portion of the payments received. This has led some critics to charge that credit counseling is just a tool of the lending industry.

So, when do you need credit counseling? Almost never, in our opinion. If you are making your credit card payments on time, then there is no reason to answer the call when the credit counselor hits you up. Even if you have fallen behind slightly, it’s no reason to look to counseling. In most cases, you can go the DIY route and get yourself out of debt rather than use credit counseling.

If you are considering counseling, look for the red flags. Make sure that the company you’re researching is accredited with Association of Independent Consumer Credit Counseling Agencies or ACCORD. Also, if you are charged anything over $15 for the initial set-up fees, run for the hills. They are likely going to charge you for every little thing and take most of it for themselves if they start out by charging you ridiculous fees.

For a credited debt settlement company, visit http://www.bestdebtnegotiator.com.

Cash For Clunkers Q and A

Cash for Clunkers was the incredibly successful program that offered consumers a rebate of up to $4,500 to turn in their ‘clunker’ for a more fuel efficient car. The program boomed car sales for a short time and gave the failing car companies some much needed (short-term) relief. Now that the program is over, consumers still have a multitude of questions regarding how the money was paid out, how it is going to be paid to those waiting, and who got rejected.

60,000 clunkers rejected from the Cash for Clunkers program?

This is the rumor that’s circulating around the internet the most today. For some reason, consumers are raiding Google to find out about these 60,000 rejected clunkers and how that could happen in a program that was suppose to help everyone. Well, it’s not all it seems to be. While the bloggers are having a field day with this one, the truth takes a little more research.

The government has paid or cleared $2.38 billion of the $2.87 billion worth of dealer vouchers submitted, the Transportation Department said today in a statement. The agency said it has rejected 8.8 percent of applications and is still reviewing 8.1 percent. (Bloomberg)

The truth of this matter is that the dealerships themselves dropped the ball somehow by not information their consumers of all the rules, and now they have the opportunity to make up for it by resubmitting applications. The main reason for many applications being rejected was due to minor details of the rules not being followed such as late car registration payments. Sure, it will take longer for consumers to get their Cash for Clunkers rebates, but the answer to this question is not exactly what it seems.

What do you do if your dealership has to resubmit?

If you are one of the many who purchased a vehicle under the Cash for Clunkers program from a dealership that has been rejected and must resubmit their application, all you can do is wait. If your waiting, and your dealer asks for you to pay in full for the car when you have not yet received your rebate, they are breaking the rules of the program and you have the right to turn them in.

How much did the program help the car companies?

While overall sales are still down compared to recent years, the Cash for Clunkers program has given car companies hope that things are turning around. For a few weeks, their numbers were up, and although they’ve dropped back down, it was encouraging to see consumers are still in need of new cars and are willing to buy if the incentives are there.

While foreign car companies did better in car sales, GM, Ford, and Chrysler accounted for almost 39% of the total 690,000 cars purchased through the program.

A preliminary analysis of the program by the Obama administration said that third-quarter economic growth has been 0.4 percent higher because of auto sales in July and August. In addition, G.M., Ford and Honda all announced that they would increase production at some United States plants because of the increased demand generated by cash for clunkers. (New York Times)

How are consumers feeling about the program?

Eight in 10 consumers said they were satisfied with the way the program was run with another 55 percent of consumers wishing that the program could be reinstated.(Reuters)

What cars were the top sellers?

The top four purchased cars under the Cash for Clunkers program was the Toyota Corolla, Honda Civic, Toyota Camry and Ford Focus. All foreign makes, these cars had the best fuel economy. The Ford Escape was ranked 5^th, while the Honda CRV was 6^th. The Chevy Silverado, far from a fuel efficient vehicle, ranked in the top ten, as well as the For F150.

 For all of your debt information, visit http://myonlinedebtsolutions.com.