Debt & Credit

Introducing “Simultaneous Settlement” with Jared Strauss of Debt Relief á la Carte

Regular readers of The ZipDebt Blog know that I have been telling consumers for many years they can negotiate their own debt settlements. I’ve personally taught thousands of people to handle their own settlement project with tremendous success, and I have numerous client testimonials to back up that claim. However, there is no question that many consumers are fearful of handling the process themselves. Time and again during a...

Why Consumers Should Hire A Debt Coach Before Negotiating With Collection Agencies

I’ve been involved with debt settlement since 1997, far longer than most people working in this industry. Yet I still have to shake my head in amazement at some of the idiotic stuff debt collectors say. Now, just to be 100% clear, I have nothing against creditors hiring agencies to collect on their delinquent accounts, and I view the collection industry as an essential part of our economy. The...

7 Signs Your Credit Card Debt Is About to Implode

As we move into 2013, U.S. consumers are carrying balances exceeding $850 billion on approximately 600 million credit card accounts. This is down from the peak of more than $950 billion during 2009-2010, but credit card debt is still the third largest component of household indebtedness, behind only mortgages and student loan debt. Americans’ love affair with plastic continues as many have come to rely on their credit cards...

DIY Debt Settlement Myth #10: My Credit Score Will Be Better If I Hire A Company To Settle My Debts

This is the tenth and final post in a series discussing the most common myths about do-it-yourself debt settlement, as compared to hiring a third-party company. In this article, I’ll discuss the myth that settlements negotiated by professional debt relief firms carry less credit damage than self-negotiated settlements. Before the FTC really started to crack down on the industry a couple of years ago, the entire subject of credit...

DIY Debt Settlement Myth #9: I Just Make One Monthly Payment And They Will Take Care Of Everything For Me

This is the ninth in a series of posts discussing the most common myths about do-it-yourself debt settlement. In this post, I’ll discuss the myth that a traditional debt settlement approach provides peace-of-mind for consumers who enroll in such programs. What many consumers want is to be able to make a single monthly payment into their debt program, with the expectation that the debt company will handle everything smoothly...

R.I.P. Delpha Renard, 1944-2012

It is with a deep sense of loss that I must inform clients, former co-workers, and the general public of the passing on September 5, 2012, of my long-time colleague and good friend, Ms. Delpha Renard. She died peacefully after a protracted battle with lung cancer. Delpha fought valiantly for about 18 months after the initial diagnosis, and toughed her way through multiple rounds of radiation treatment and chemotherapy,...

DIY Debt Settlement Myth #8: A Debt Settlement Law Firm Will Get The Best Results

This is the eighth in a series of posts discussing the most common myths about do-it-yourself debt settlement. When consumers first hear about the debt settlement strategy, one of the first questions they usually ask is: “What happens if I get sued?” In post #5 in this series, I discussed the fact that many traditional debt relief companies try to create the impression that consumers will have lower risk...

DIY Debt Settlement Myth #7: A Debt Settlement Program Will Stop the Collection Bombardment

This is the seventh in a series of posts discussing the most common myths about do-it-yourself debt settlement. It’s common knowledge that your phone is going to start ringing off the hook the moment you begin missing payments on your credit card accounts. Virtually all major creditors have automated dialing systems that are triggered off the lack of a payment being recorded by the due-date, and the bombardment can...

DIY Debt Settlement Myth #6: It’s Safe To Take 36-48 Months To Settle My Debts

This is the sixth in a series of posts discussing the most common myths about do-it-yourself debt settlement. Most traditional debt settlement firms are still quoting program durations of 36-48 months, sometimes longer, and clients are led to believe that it’s safe to take that long. By “safe,” I mean a low risk of lawsuit activity. After all, multiple lawsuits will tend to push a client into bankruptcy and...

DIY Debt Settlement Myth #5: I’ll Be Protected Against Lawsuits If I Enroll With A Debt Settlement Company

This is the fifth in a series of posts discussing the most common myths about do-it-yourself debt settlement. As consumers shop for a debt relief solution and talk with the sales reps at various debt settlement firms, one of the first questions they will usually ask is, “What about creditor lawsuits? Won’t they just sue me to recover what I owe?” There’s no question that taking the path of...