New York City goes after debt settlement firms
Be careful who you go to for credit card debt relief. There are a lot of debt settlement companies out there who don’t deliver on all the promises they make but get paid anyway. Fraudulent credit card debt settlement programs have become such a problem in New York that the city’s Department of Consumer Affairs (DCA) is warning consumers about using them.
Debt settlement firms offer ‘false hope’
The DCA recently issued subpoenas to 15 debt settlement companies that were the subject of complaints by city residents or are based in the New York area. DCA Commissioner Jonathan Mintz said in a statement:
These so-called ‘debt settlement’ companies bombard New Yorkers with ads that fraudulently offer false hope, but instead deliver nothing but added fees and long-lasting financial ruin. Today we are issuing subpoenas to 15 debt settlement companies that are using such aggressive and deceptive tactics to prey on vulnerable consumers here in New York so that we can reveal the full extent of their wrongdoing and harm. I urge those struggling with debt to resist these too-good-to-be-true offers and instead take advantage of the City’s free, professional one-on-one financial counseling at one of more than 20 Financial Empowerment Centers.
Some debt settlement programs have come under fire for charging upfront fees to consumers without actually helping them find credit debt relief. In some cases consumers struggling with thousands of dollars of credit card debt are left worse off than before they signed up to get help with debt.
You can get help with debt
If you’re struggling with credit card debt, there is help available. But keep in mind that you don’t have to pay someone a lot of money to settle your debt. While there are legitimate debt settlement programs out there, you may be able to negotiate directly with your creditors to set up a plan.
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Loading ...Consumer sentiment rose slightly in June, but overall consumers are negative about their financial situation. The Consumer Sentiment Index edged up to 48.5 from the previous month, with people earning less than $50,000 and senior citizens having the weakest consumer sentiment. A number above 50 indicates more people feel positive.
Economy still hasn’t recovered
“The economy is treading water and really hasn’t shown any momentum toward recovery,” said Ed Farrell, a director at Consumer Reports National Survey Research Center. “Consumers remain cautious, especially households with income less than $50,000, who have been hurt the worst and face the biggest stresses regarding jobs, unpaid bills, and health care access and affordability.”
One of the biggest concerns among consumers is the job market. The U.S. unemployment rate is at 9.2 percent and many Americans are struggling to keep up with mortgage payments, credit card debt and other bills. The Consumer Reports Trouble Tracker showed that people are dealing with more money problems than the previous month, although their problems aren’t as severe as a year earlier.
Finding debt solutions
If you’re feeling negative about your finances because you have a lot of credit card debt and other bills, it may be time to make some changes. Getting help with debt is important whether you are employed or jobless. Among the debt solutions to consider is debt counseling. Tackling a mound of debt and other financial problems can be overwhelming, so having help could make the process more manageable.
You could also consider credit consolidation. This would allow you to combine multiple credit card debts and other bills to make the payments more manageable and pay less interest over time. You can consolidate debt on your own with a bit of organization and persistence. However, if you choose to use a debt consolidator, take time to research different programs and get all the terms and conditions before signing up.
(No Ratings Yet) Loading ...5 Warning signs that you need help with debt
You may think it is natural to have a lot of credit card debt and other bills. That’s because it is not uncommon for many Americans to juggle multiple credit cards, mortgage loans, auto loans and other debt on middle class incomes. It can become easy to buy into the notion that “you’ll always have a car loan” or “you have to borrow money to get ahead,” among other myths.
Take a look at these 5 warning signs to see if you have too much debt:
- You think about your credit card debt and other bills constantly. Do you have trouble focusing on your job or other tasks because debt woes are always at the forefront of your mind? Getting help with debt can help relieve some of the stress and allow you to make progress on a debt reduction plan. Look for a reputable debt counseling firm that can help.
- It’s getting more difficult to make the minimum monthly payment on your bills. Being unable to make the minimum payments will result in late fees and probably an interest rate increase to the default rate. It will also keep you from making much progress in paying off your balance.
- You are frequently late with bill payments. Part of what goes into determining your credit score is whether or not you are on time with monthly payments. Pay close attention to the deadlines for getting your payments to creditors. Being even an hour late will have negative repercussions.
- You have just about maxxed out credit cards. Are you using credit to buy groceries, gas and other necessities because your income just doesn’t stretch? Wracking up credit card debt this way is a losing proposition no matter how you look at it.
- You are afraid to total up your debt. Knowledge is power, so equip yourself with the information you need to make progress on a debt reduction plan. As shocking as your debt total may be, you need to know it to get moving in the right direction.
Get help with debt
Once you admit that you have a debt problem, commit to get help. Depending upon your situation a debt consolidation or debt settlement could help. Talk with a debt counselor to rind the right approach to your money woes.
(No Ratings Yet) Loading ...Save thousands of dollars with a debt settlement
Working out a debt settlement could help you save thousands of dollars in the long run. Not all creditors are willing to settle debt however, so it’s important to understand how the process works.
Debt settlement vs. debt consolidation
Debt settlement is not the same as debt consolidation. Getting a loan to combine several credit card debts into one payment is debt consolidation. Usually the goal of consolidating debt is to lower the overall monthly payment and lower the amount of interest being paid. Debt consolidation services sometimes offer counseling to help get your finances back on track. But be cautious about signing up for debt consolidation services because there are a lot of shady companies looking to profit from desperate consumers.
With a debt settlement, your creditor would agree to accept a smaller payoff amount in exchange for wiping out a debt. Depending upon the deal struck, you could end up settling for half of what is owed or even less.
Do-it-yourself debt settlement
While there is certainly no shortage of companies out there offering to negotiate a debt settlement for you, it is best to deal directly with creditors yourself. That’s because some debt settlement programs will tell you to stop making any payments on credit card debt and other bills. During that time you are encouraged to save up enough money with the firm to make a settlement offer later. But some unscrupulous debt settlement services never send any money to creditors.
Dos and don’ts of debt settlement
If you choose to pursue a debt settlement, do not work with any company that requires you to pay fees before receiving any services. Avoid working with agencies that make promises that sound too good to be true or even guarantee that they can reach a debt settlement. Finally, make sure you get all the terms and conditions in a written contract before agreeing to work with anyone. You want to have a successful settlement that ultimately allows you to save money, not end up in worse financial shape than before.
(No Ratings Yet) Loading ...How settling debt can affect your taxes
Debt settlements with credit card companies and other creditors have become more common as people look for debt solutions. Having a creditor approve a debt settlement plan can allow you to completely wipe out credit card debt and make a fresh financial start. But with the deadline for filing income taxes looming, it’s important to understand how a debt settlement may affect your taxes.
What is debt settlement?
Debt settlement usually occurs when a creditor agrees to accept a lower payoff than what you actually owe to them. For instance, if you owe $15,000 in credit card debt but are able to make a lump sum payment of $9,000 from savings or a windfall you receive, your creditor may agree to forgive the remaining debt and you would not have to pay it. Most creditors won’t even begin to discuss debt settlement until you are behind on payments by at least two months and sometimes longer.
Forgiving credit card debt
Even though you would no longer be responsible for paying back the amount of any debt that was forgiven, you could be looking at a tax bill from the Internal Revenue Service (IRS). That’s because unforgiven debt of $600 and up is considered to be income that can be taxed. Your creditor would mail you a 1099-C form that shows how much debt was forgiven and it would be used when filing a tax return. If you have not received a 1099-C from a creditor that forgave some of your debt last year, contact them to request the form.
Not all debt that is forgiven by creditors is necessarily taxable. That’s why if you are unsure about your situation it is best to consult with a tax adviser who can help sort everything out.
(No Ratings Yet) Loading ...Debt and health care: Uninsured, underinsured struggling with medical bills
The problem with not having health insurance is that you don’t miss it until you need it. PBS reports that 44 million Americans are uninsured, and another 38 million are underinsured, which means they can face thousands of dollars in medical bills if they become ill. Any one of these circumstances can contribute to ruining your credit, your budget and your qualify of life. High deductibles and co-payments cause financial problems for families who cannot afford quality health coverage; about one third of the uninsured have problems meeting their bills, and this financial pressure causes many without adequate health coverage to put off seeing their doctors and other health care providers until they become seriously ill.
One hospital visit away from bankruptcy: Avoiding crushing medical debt
It’s important to get the care you need when you need it. Here are some tips for reducing and settling medical bills.
- Advise your care providers that you have no insurance, and ask about financial assistance programs. Hospital social workers and billing office personnel may refer you to programs for financial assistance or reduce your bill. You won’t know until you ask, so put pride aside and ask for the help you need.
- Contact billing agents and attempt to negotiate a repayment plan or settlement. Note payment dates, amounts and conversations regarding payment arrangements in writing. Provide all information requested to evaluate your ability to pay. Cooperate with medical billing personnel; they’re only doing their jobs and are more likely to help if you’re willing to listen and work toward a solution.
- Do pay what you can afford toward your medical bills. Making small payments can prevent having to deal with third party collectors.
- Do not tolerate threats or rudeness from collection agents. Health care providers often sell uncollectable debt to third party collection agencies, which can allow collectors to be rude and threatening when attempting to collect on unpaid bills. Ask collectors not to call you at work and terminate abusive calls.
- Contact a credit counseling and debt consolidation service for help. Non-profit consumer credit counseling and debt consolidation programs work with creditors to establish affordable repayment terms.
- Contact a debt settlement agent or attorney to make a final attempt at settling debt before filing bankruptcy. Debt settlement services negotiate with creditors to reduce the amounts you owe. Beware of debt settlement scams, and don’t pay any money up front for debt settlement services.
- When all else fails, contact a bankruptcy attorney. No one wants to file bankruptcy, but if you’re being threatened with wage garnishments, frozen bank accounts and you cannot meet your other expenses due to medical bills, you can seek relief under bankruptcy laws. Bankruptcy attorneys typically provide free consultations and can advise you of bankruptcy options. Although not an easy decision, please remember that bankruptcy is a legal means of eliminating or reducing insurmountable medical and credit card debt.
Gather the information you need from creditors, credit counselors and other financial advisors. Don’t be pressured into taking immediate action; take time to evaluate and compare options.
(No Ratings Yet) Loading ...DIY debt management: Tips for negotiating credit card debt
Long after the holidays have passed, you may find yourself paying off credit card debt. The problem with credit card debt is its high expense and making minimum payments can take years to eliminate your credit card balances. Worse, if you lose your job or become ill, it can become impossible to make any payments. It takes very little time for an unplanned event to trash your finances and ruin your credit.
Credit card debt: Finance charges, account terms hinder debt reduction
Fine print, volumes of paper and busy lifestyles contribute to not knowing credit card terms and costs. A good starting point for a debt management plan is to make a list of all credit card accounts, their balances and the annual percentage rate (APR) for each account. The APR includes interest and penalty fees for your account; the APR can change according to the interest rate and status of your account. Some credit card companies assess penalty fees or raise interest rates if you make late payments. The higher your APR, the more money you’re throwing away. If you can’t pay off your credit card debt within a couple of months, contact each company and ask for a reduction in the card interest rate and a waiver of fees incurred on a one time basis. Credit card debt settlement options don’t usually include reducing balances unless you’re several months delinquent and ready to file bankruptcy.
Negotiating with credit card companies: Mind your manners and lose the expletives
Tips for negotiating include:
- When calling credit card companies, have your credit card number handy, along with the APR you’re currently paying. Write down pertinent details including your current balance and how long you’ve had the account; this can be helpful when requesting lower rates or fee waivers.
- Dealing with customer service personnel who answer calls and respond according to scripts rather than attempting to address your requests can be frustrating, but it’s important to keep your cool. Don’t swear or raise your voice. If a customer service rep says they cannot help you, ask to speak with a supervisor.
- Don’t close your accounts. It’s easy to tell credit card companies to take their cards and…well, you know, but closing accounts reduces the amount of credit you have available, and raises your credit utilization ratio. A higher credit utilization ratio can lower your credit scores.
Maintain civility, hang up quietly, and seek credit counseling and debt consolidation help from a credit counseling service.
(No Ratings Yet) Loading ...Where to look for credit debt relief
If you’re looking for help with debt, it’s important to find the right allies. There are two types of agencies that you can turn to to get help with debt reduction: debt counselors and debt settlement firms.
Debt counselors
The debt counseling firm should offer tips on budgeting, saving, and debt reduction to help you get back on track. Some even offer classes that can help you learn more about managing money.
Look for a debt counseling firm that is licensed and accredited according to the laws of your state. Not all states require licensing or that agencies be registered, so it’s important to check out the reputation of any debt counseling firm you are considering before signing up.
Debt settlement firms
You’ve probably seen or heard ads offering credit debt relief services on the radio, TV, or Internet. A debt settlement program offers to help you negotiate a lower payoff of credit card debt and other bills. Be cautious about signing up for a debt settlement program because many of them charge a high fees and some never send the payments you make to creditors.
In most cases you can speak directly with your creditors about settling debt. But if you choose to use a debt settlement firm as a middleman, take note of a recent rule overhaul by the Federal Trade Commission (FTC). The change is that companies offering debt relief services over the phone cannot collect advance fees from you before settling or reducing your debt, before having an agreement for debt management or other services in place, or until you’ve made at least one payment to a creditor as a result of a plan negotiated by the debt relief provider.
(No Ratings Yet) Loading ...Consumer debt legislation falls short
The final phase of federal legislation offering protection to debt-swamped consumers became effective October 27, but may not be stringent enough to fully protect consumers from debt settlement and debt consolidation scams. Although for-profit debt settlement/debt consolidation companies are required to disclose cost, potential negative consequences to consumers (for example, negative credit reporting of past due accounts) and how long a proposed debt settlement or debt consolidation plan will take to complete.
Financial guru Michelle Singletary points out in her blog, The Color of Money, that debt consolidation, debt settlement, and consumer credit counseling services will no longer be allowed to collect fees up front, but are allowed to keep any fees collected regardless of whether consumers complete their debt reduction plans. Additional provisions of the legislation include:
- Debt settlement companies selling services over the phone cannot receive payment for their services unless and until the debt is settled.
- Funds set aside to settle debt must be deposited into a dedicated account owned by the consumer, who is free to withdraw funds at any time.
Finding Debt Help: Looking out for yourself and your finances
- Don’t accept unsolicited offers of help: Legitimate firms that offer credit counseling and other debt settlement services typically do not solicit consumers via phone calls or over the Internet. Avoid unsolicited offers of help from firms or individuals unfamiliar to you.
- Sounds to good to be true? There are no miracles. Although it’s possible for credit counselors and other debt relief providers to negotiate lower interest rates and to obtain waivers of late fees in some cases, few credit card companies agree to settle credit card debt for less than what you owe. There are also no legitimate means of “erasing” bad credit. Credit counseling and debt settlement can help you avoid bankruptcy, but partial and late payments made during your debt settlement or credit counseling plan are reported to credit bureaus.
- Get referrals and check company references: Consumer credit counseling and debt consolidation services, as well as debt settlement firms, should be able to provide references. It’s a good idea to check with the Better Business Bureau for complaints against companies you’re considering for debt help. If you know anyone who has completed a debt consolidation or debt settlement program, ask for a referral. In today’s economy, many people have fallen on hard times; it’s likely that someone close to you may have a lead to the help you need.
Your instincts and common sense can serve you well when considering debt relief options. Ask questions, take notes, and don’t give into pressure when interviewing debt help providers. It’s a good idea to consider multiple options and find a good fit for yourself and your circumstances.
(No Ratings Yet) Loading ...Debt reduction takes hard work and some sacrifices
Sticking with a debt reduction plan often means making sacrifices. Don’t expect a quick fix solution to your credit card debt woes no matter what you hear on TV, the radio, or the Internet. Take time to carefully research debt solutions to find one that can give you real results.
Debt consolidation
Consolidating debt has helped many people struggling with huge levels of debt, and while there are many companies out there who claim they can help you with this process, you can accomplish the same thing on your own. There are several ways you can restructure your debt, including applying for a debt consolidation loan or making use of low-interest credit card balance transfer offers.
Debt settlement
Try contacting your creditors and negotiating a debt settlement that allows you to pay off a reduced level of debt, but be aware that most creditors won’t discuss a debt settlement plan until you’ve missed a few payments. Also, you may have to come up with a lump sum of cash to pay off the debt. Skip using a debt settlement firm as a middle man to avoid fees or potential scams.
Debt counseling
If you can’t figure out how to get out of debt on your own, find a reputable debt counseling firm to help. Debt counseling can help you figure out where you went wrong with your finances and help you begin to recover. Debt counseling should include strategies to cope with spending issues, budgeting, saving, and other tips to help you improve your overall financial situation.
(No Ratings Yet) Loading ...- This blog covers a wide variety of debt consolidation and loan topics.
We rely on a large network of financial experts and leading authors to write the content for the DebtHelp.com Blog.
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Chris Rocks is the Regional Director of the National Credit Federation (NCF). NCF is a nationwide membership-based organization that assists consumers recovering from a financial difficulty and those who need a significant increase in their credit score.
Chris began his financial services career as a Financial Advisor helping young families with risk management and asset accumulation strategies. It was during that time that Chris realized that many of these young families also needed someone to guide their choices with regards to debt management.
He made the transition into the mortgage industry where he first worked as a loan originator and later the Vice President of a small mortgage company. As Chris came across clients who had suffered through financial challenges and saw the difficulty they had in re-entering our credit driven economy, he discovered there was a real opportunity to leverage his unique background and help others.
He can be contacted by visiting his personal site, GoodCreditLiving.com.
Francine L. Huff is the Publisher and Editorial Director of Super Savvy Publishing, LLC, which provides editorial and publishing services. She is a gifted author, freelance journalist, and motivational speaker who has entertained and motivated a variety of audiences through workshops, panels and keynote addresses. Francine is the author of The 25-Day Money Makeover for Women, which has inspired and motivated many readers to rein in poor financial habits, become good stewards over their money and work toward a debt-free life. She has appeared on a variety of TV and radio shows. Francine previously worked for the Wall Street Journal, where she was the spot news bureau chief, a news editor and a copy editor. She has interviewed a variety of financial professionals about financial issues and strives to present information about managing money in an easy-to-understand format that is accessible to people of all backgrounds and income levels.
Karen Lawson is a freelance writer with more than 15 years of experience working in mortgage banking and loan servicing. She holds BA and MA degrees in English from the University of Nevada, Reno. She enjoys writing informative articles about debt management and personal finance.
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