Debt "Recovery"

Listen to Dave Ramsey on the radio if you are in Northwest IN it's 1230 AM WJOB from 2 - 4pm. To listen to pod casts go to www.daveramsey.com. He calls them debt "CON"solidation. He despises how they rip off people.

http://www.ftc.gov/opa/2010/04/unitedcredit.shtm

The FTC recently banned and fined several companies for this kind of solitations and making false promises. That may be why you haven't heard the commericals lately.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm

The FTC's guide on how to raise your credit score/repair your own credit.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre19.shtm

A full article on debt -- your options and the scams.

If you browse the FTCs site -- you can basically learn everything any company could do for you -- do it yourself and without the third party fees. They also have budgeting tools, etc.

Good luck.

I'm sure it's the same old stuff, just with a new slogan. They charge you thousands to do what you could just do yourself, and then if you don't totally change the way you look at and think about money, you'll be right back where you are within a couple of years. I think 90% of people who use debt consolidators do that. You'd be a whole lot better off to read a book by Dave Ramsey (like the Total Money Makeover) or listen to him on the radio. You can find a station on his website at daveramsey.com.

Boy they keep coming up with new nicknames now don't they? It will still screw up your credit. The best thing you can do is perhaps get a lawyer to talk them down on the terms. Good luck.

Even though we didn't have much debt, we did Dave Ramsey's Financial Peace University. I highly recommend it.

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JG be careful about debt settlement companies! They are not the same as debt consolidation. Debt settlement promises to pay half of what you owe by building lump sums of money in an account. It could take years to build up enough money to pay off debt. Settlement wont pay for a least 6 mos. By that time creditors can and will take legal action against you. The settlement companies cant help you then, you will be on your own and out of money and in more financial trouble than what you started with. Debt consolidation actually pays creditors every month, make sure you know what type of company this is before you deal with them. Companies will also use words like Government Bail out, etc. to lure consumers. Check them out with the BBB.
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If I were you I would seriously look into the Total money makeover plan with Dave Ramsey the book was $15 and we are almost ready to pay off our first cc and we've been doing it since January. Good Luck

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it's not right that these companies can be so deceptive with using the word "government" it their ads......if you need debt consolidation i would encourage you to find a dave ramsey book or better yet go to a class......you will get every piece of info you need on how to consolidate your debt & to give you the tools so you can be in a better financial situation for your future......the class is for everyone whether you have debt or you just don't know how to invest for your future or you need help with buying or selling a home, etc.....my husband & i are on our last class this thursday & it has been a great experience, we took away so much info.....best wishes

I agree with Becky. If you don't change your spending habits you will fall into the same pit when you have free credit cards to buy with.
As with eating and diets, the way you eat determines your weight. If you eat too much you gain, if you spend too much you go into credit card debt.

Ok I admit I know very little about this, but the stimulous plan includes monies to be used to reduce debt. My understanding of it, is to prevent people from loosing their homes.

I personally think that many companies are taking advantage of this and are doing what I call "misleading advertising". I would be very leary of it, as I'm sure it's just the same old debt consolidation stuff.

Yes these advertisements are the same old credit card debt consolidation stuff.

If you are feeling the need for a personal debt "recovery", you can definitely try to negotiate something with your creditors yourself but you have to pay the debt consistently. Many creditors will work with you if you are showing your willingness to pay your debt.

You may also want to consider several different methods of paying off your debt. The thing I would focus on with debt "recovery" is no charging any more things. I hope this is the beginning of help.

If these are the commercials I have seen, yes, they are just advertisements for debt consolidation. There was a warning about this advertising a few months ago. There was an article I think last week on the Trib's website and in the paper about the best ways to work things out yourself to get out of debt. I have heard great things about Dave Ramsey though never did it myself--tempted to look into it at the library. There is no stimulus money to get people out of debt. These "news" feeds were running rampant on the internet last year.

Get yourself a Dave ramsay book for free from the library and get yourself out of debt. There are no magic answers. You didn't get into debt overnight and you won't get out miraculously overnight. But it does WORK!

If you're looking at debt consolidation, ALSO look into Ch13 bankruptcy. The debt consolidation is the same as filing, but you have no legal protection in case of illness, job loss, etc... and the consolidation stays on your credit report for far longer. 12 years with DC instead of 3/ 7/ 10 with Ch13 (depending on the type of debt). Also, Ch13 allocates money for you to be paying all of your bills & living off of (rent/mort., childcare, food, entertainment, 401k, medical) while consolidation just lumps everything together and divides by 5. Most people who consolidate should actually file, because then end up deeper in debt with worse credit from consolidating than they would have if they'd filed.