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      November 17, 2018

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What Is Debt Consolidation?

What Is Debt Negotiation?

What Is Debt Settlement?

What To Do if You're In Debt

 

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What Is Debt Negotiation?

According to the United States Census Bureau, 69 percent of Americans are in debt by an average of $70,000.

The same report indicated that consumers with the greatest amount of growing debt were those in the age group of 35 to 45, with roughly $108,000 in debt. Those aged 45 to 55 were carrying $86,500 in debt and people aged 55 to 64 were saddled with $70,000 in debt.

So how do people get so far in debt in the first place?

All it takes is one job loss, one health crisis or one unexpected expense for the average American to become financially stressed. Once a personís credit is over-extended, it creates a vicious cycle of paying only the minimum balance and accruing penalties and fees until the original amount owed has tripled or worse.

If you are among the 69 percent of Americans who are carrying around more debt than you can reasonably pay off, then itís time to explore options for reducing the financial burden.

There are a plethora of companies which offer debt negotiation services. However, not all debt negotiators are created equal.

The concept behind debt negotiation is to convince creditors to reduce the total amount of money owed in lieu of a set fee. The set fee usually is required to be paid up front.

Sounds like a great idea, doesnít it?

Thereís only one problem Ė most for-profit debt negotiation companies are nothing more than crooks. They require hefty, upfront fees for their services, and then not only fail to contact your creditors on your behalf, but also will not put any of the money you gave them toward your owed debt.

So how do you know if youíre about to be taken by a company that has no real intention of helping you reduce your debt?

The Federal Trade Commission offers the following warning signs for identifying fraudulent debt negotiators:

  • They will promise they can reduce your debt to the point that youíre paying pennies on the dollar for what you actually owe
  • They will promise that some of your debt will be eliminated entirely
  • They lie and tell clients that unsecured creditors do not sue debtors for non-payment
  • They claim they can remove negative information from your credit report

Debt negotiators are not lying when they say they can negotiate with creditors on your behalf. However, what many fail to disclose to clients is that creditors are under no obligation to agree to a debt negotiation.

Debt negotiation can be a very effective tool for consumers looking to get out of an overwhelming debt situation. Finding a quality debt relief service is an important first step in the process.

Herring wins penalties, debt relief for retired veterans, civil servants targeted by illegal loans

Attorney General Mark Herring has secured more than $50 million in debt relief and ordered civil penalties as a result of his lawsuit against Future Income Payments and its owner, Scott Kohn for ...

Published:  Thu, 15 Nov 2018 11:12:00 GMT



Virginia Attorney General wins $50 million in penalties, debt relief in lawsuit against illegal loans

Attorney General Mark Herring announced Thursday that he won $50 million in debt relief and ordered civil penalties in a lawsuit against Future Income Payments, LLC; FIP, LLC; and their owner ...

Published:  Thu, 15 Nov 2018 13:51:00 GMT



Reasons why Using a 401(k) to Pay Debt Is a Bad Idea, As Shared by National Debt Relief

A lot of people have been diligently putting money aside in their 401(k) for retirement and National Debt Relief explains why it is a bad idea to use that fund to pay for debt obligations. The article ...

Published:  Fri, 16 Nov 2018 07:12:00 GMT



Betsy DeVos sued again over delays in student debt relief

(CNN) - Secretary of Education Betsy DeVos was hit with another lawsuit Tuesday claiming she failed to cancel student debt owed by people whose for-profit colleges have been shut down. The new lawsuit ...

Published:  Tue, 13 Nov 2018 14:40:00 GMT



The (Debt) Struggle is Real - Especially for Gen Xers

That's where debt consolidation can be a smart strategy, especially for Gen Xers with good credit." The LightStream survey also found that 50 percent of Gen Xers have never considered debt consolidati...

Published:  Thu, 08 Nov 2018 09:20:00 GMT



Report: DeVos sued again over student debt relief rule

WASHINGTON - Besty DeVos was supposed to cancel student debt owed by people whose for-profit colleges have shut down. But according to new reports from CNN and The Hill, DeVos has yet to do that, and ...

Published:  Wed, 14 Nov 2018 05:17:00 GMT



Macau casino junkets plead for tax relief, debt collection help

Casino junket operators are asking Macau's government for tax relief and more help in chasing down VIP gambling debtors. Tuesday's edition of the Macau Gaming Summit 2018 saw junket operators ...

Published:  Thu, 15 Nov 2018 00:06:00 GMT



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