What
The Difference
Between All These 'Debt Help'
Companies Pitching Consumer Credit
Counseling, Debt Management That
& Everything Else?
You're right, it's very confusing
with all the different names. I get this question all the
time. What's worse is that these same companies want you
to believe they're better because they're "not for
profit."
This is not the place for me to reveal
what I have discovered after a couple years of research
and testing. Let's just say for now that i'm disgusted and
horrified by what I discovered. With the "debt help"
crowd, I discovered a racket very similar to the credit
(dis)repair racket.
“Our first meeting with this
CCCS left us totally confused…we’re both educated—though
our money problems don’t prove it—but we
didn’t understand what they do or how they could help
us,” states Julie.
Javier and Julie are not alone…daily,
subscribers share similar experiences with CCCS—Consumer
Credit Counseling Services and the ‘debt consolidation’
industry.
Many subscribers complain the
debt consolidation industry confuses them, talks in circles,
avoids direct questions about services and fees &
gives the impression they’re ‘shady.’
Part of the confusion stems from
who’s doing what: Consumer Credit Counseling
Service; Debt Settlement; and
Debt Management. The other part may be
an attempt to take advantage of people desperate for a
solution.
What is (and
isn’t) Consumer
Credit Counseling Services?
“We asked all the right questions,
or so we thought,” explains Julie. “Who are
you? What can you do for us? What will it cost? These
were the questions we asked them. We still can’t
tell you who they are, what they could do for us or what
it would cost.”
Recently, the Federal
Trade Commission (FTC) issued a warning against
the ‘debt consolidation’ industry claiming
[they] mislead people...make unrealistic promises with
improbable results...abuse non-profit status...issue false
advertising...and don't pay creditors in a timely manner
or even at all.
Our Position: Should you require
professional debt consolidation services, you may consider
contacting the National Foundation For Credit Counseling
@ http://www.nfcc.org/ .
From NFCC’s ‘About Us’
page: “With over 100 member agencies and more than
900 local offices throughout the country, the NFCC is nonprofit,
mission driven, community-based agencies.”
“Many NFCC members are known as Consumer Credit Counseling
Service ® ("CCCS").”
“More
than one-third of all consumers
who [come] to an NFCC agency for
counseling are able to manage their debt
on their own after receiving
financial education and counseling.”
“NFCC member agencies
provide a variety of services, including:
• Budget counseling and education
• Debt management plans
• Counseling referral services
• Financial literacy courses
• Housing counseling
This is the only debt consolidation resource about whom
we have ‘heard’ positive comments.
Before you call NFCC, carefully
read the ever-growing resources below. Learn how others
have dealt with and survivd the toxic debt consolidation
industry and how to become your own debt consolidator.
|
Debt
Settlement…Debt Management…Consumer
Credit Counseling Service…we didn’t
know the difference…all we knew was that
we were in big trouble financially and we needed
help….
–Julie & Javier
S, Los Angeles, CA
