Debt Settlement Discounts, Scams

Last year Americans had a total of $866 billion in credit card debt. Susan Koeppen reports on an Early Show investigation into debt settlement companies and scams promising big savings and discounts.

Category:

News & Politics

Tags:

• cbsepisode
• debt
• settlement
• discounts
• scams
• companies
• credit
• card
• cbs

[consumerdebtradio]

This is just another great example of why you should schedule a meeting with a consumer debt attorney to find out what the truth really may be in their unique situation.

[dahab14k]

What if it's not all a scam? There is a website that is completely free that helps you do it yourself. Vitalinc.com

[debtcc]

True there are scam companies out there to get your money rather than help you get out of debt. But there are signs you can look out for. You need to be extremely vigilant when thinking of working with a settlement company. If they ask for an up front fee, back out. If they pressurize you to get into a program with them immediately because there is some kind of a deadline, steer clear of such companies.

[debtsettlementstory]

This is a good start to the debt settlement conversation.

There are a lot of unscrupulous companies out there.

I used a company called Consumer Recovery Network that charged me $1150 to settle $130,000 of unsecured debt. It took 6 months and my final settlement amount was $40,000 or 28 cents on the dollar. Their fee of $1150 was minuscule compared to other companies whose fees were on average $10,000..or more!

I am blogging about it at debtsettlementstory (dot) com