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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
FTC webpage: Knee Deep in Debt
[ Edited ]

This link is to a webpage on the Federal Trade Commission's consumer protection site. It has a great summary of the various options available to consumers who are struggling with managing their debt.

I think it's especially useful in its discussion of the differences between debt management programs (DMP's) and debt negotiation or debt settlement programs. The latter are a great way of paying an outside firm to destroy your credit. These outfits are so unethical that we don't even discuss them here, other than to note their presence and advise members to avoid them at all costs.


FTC webpage: Knee Deep in Debt



edited to change subject line

Message Edited by haulingthescoreup on 03-07-2010 06:40 AM
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
Re: FTC webpage: Knee Deep in Debt plus a Yahoo Finance article
Over on Credit in the News, marty56 posted a link to an article on Yahoo Finance that vivdly describes how "debt settlement" or "debt negotiation" programs work. For those of us who stay confused, these are the baddies that we don't allow to be recommended here.

But if you're wondering what all those TV and radio commercials are about, here's the skinny:

Can You Settle Credit Card Debt for Pennies?
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007