Debt Consolidation a SCAM?

November 7th, 2009 | by admin |


Most debt consolidation companies do nothing better than simply ruin your fico score in order to settle your debt. If you really want to work with an agency that will help you reduce your debt, contact a company member of “CONSUMER CREDIT COUNSELING SERVICES” (CCCS)

More info at:
sccrealestateuncensored.com/2008/repair-credit-legally-remove-negative-accounts/

micasamidinero.com/2008/reparo-credito-eliminando-legalmente-cuentas-negativas/

Duration : 0:9:22


Technorati Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

  1. 25 Responses to “Debt Consolidation a SCAM?”

  2. By Moneymanagementpros on Nov 7, 2009 | Reply

    There are proven …
    There are proven ways to pay off your debt quickly and in doing so, repair your credit. Consolidating debt only prolongs the misery and payoff date. To get out of debt you need to spend less than you are making, what’s left over should be applied to the debt in just the opposite way that the bank makes money from us. Try using the banks tools against them…it works and I can show you how.

  3. By Trumpcard3230 on Nov 7, 2009 | Reply

    …
    canadadebtconsolidationnow(.)com seems to share 7 more ways to immediately get out of debt for Canadians.

  4. By sysopkc on Nov 7, 2009 | Reply

    thank you, I am …
    thank you, I am constantly amazed by the amount of people that listen to an obvious shill that props up their show on an audience of complete and total idiots who are finacially illiterate.

  5. By debtplan on Nov 7, 2009 | Reply

    debt consolidation …
    debt consolidation and credit counseling can be helpful but many are way too far in debt to be helped.

  6. By nodietsnopills on Nov 7, 2009 | Reply

    P.S.: As a former …
    P.S.: As a former bank officer ANYONE enrolled in a debt consolidation/CCCS program was turned down. And usually needed to wait 12-24 months to re-establish their credit…

  7. By nodietsnopills on Nov 7, 2009 | Reply

    Finally, folks, ALL …
    Finally, folks, ALL debt management programs hurt your credit. The banks lowering your credit limit hurts your credit; the banks closing your accounts and raising your rates hurts your credit too. So do you want to save money or stay in the rat race? Do your homework and do what is best for you

  8. By nodietsnopills on Nov 7, 2009 | Reply

    The only things …
    The only things dear ole Suzy said that was correct. Any company that charges an upfront fee and a monthly fee like the one in the video probably is not the best idea. And yes in settlement you can have a tax liability. Thats the 2% accuracy. But in another video she says that if your insolvent/hardship. The IRS will not force you to pay taxes.

  9. By nodietsnopills on Nov 7, 2009 | Reply

    Suze is 98% wrong!! …
    Suze is 98% wrong!!!! She is the paid spokesperson for FICO. Ive been in finance for over 20 years; ANYONE enrolled in CCCS will have damaged credit. Each account enrolled is reported with an intervention statement. Dont believe me, go to a CCCS website and check the FAQs. They state they dont report, but the creditors do For goodness sake CCCS is paid by the credit card companies. They are a non profit so check their books. Its a glorified collection agency.

  10. By TonyTellsItStraight on Nov 7, 2009 | Reply

    A large majority of …
    A large majority of ‘facts’ in this video are incorrect or misleading. All of them direct you basically to pay the banks as much as possible.
    Facts:
    1. Banks would rather negotiate with you then a professional company because a professional WILL get them to settle for less(20-50%)
    2. CCCS will freeze your credit anyway, if not ‘damage’ it, and again, banks make more money when you pay in full via CCCS then settlement.
    3. Suze here is on the take from FICO. Knew it when I listened, found ver

  11. By mufaruk on Nov 7, 2009 | Reply

    I will never advise …
    I will never advise a lay person to watch this video and be misled, she is talking in a particular context; first she should clarify what she is talking about; any good presentation starts with definition of terms and scope of presentation.

  12. By 376Susan on Nov 7, 2009 | Reply

    Consolidation & …
    Consolidation & settlement are HUGE scams they dont help you and are illegal in 12 states do your research if you dont believe me! I found a great company that doesnt have the typical mainstream scam approach for debt relief but actually wiped out my debts legally and permanently..their website is debtcrisissolutions(dot)com and the girls phone # who helped me be free of debt is 347-492-4014 they are amazing and dont put you payment plans or charge a ton of money at all

  13. By VF5 on Nov 7, 2009 | Reply

    You are correct. …
    You are correct. And just to add, if one really needs to settle as their only option, it is better to contact the creditor and ask for settlement themselves. No need to work with any settlement company because it won’t do anything good.

  14. By VF5 on Nov 7, 2009 | Reply

    I work for a non …
    I work for a non profit consumer credit counseling, so I know about consolidating and settling debt :P

  15. By VF5 on Nov 7, 2009 | Reply

    Suze Orman is …
    Suze Orman is correct; just that the title of this video is misleading.

  16. By baddebtconsolidation on Nov 7, 2009 | Reply

    I have to agree …
    I have to agree with you there!

  17. By baddebtconsolidation on Nov 7, 2009 | Reply

    Interesting point …
    Interesting point you made, but have you gone through a similar experience and was it more successful than what Suze says here?

  18. By baddebtconsolidation on Nov 7, 2009 | Reply

    Have yo made use of …
    Have yo made use of a debt consolidation service? If so how do you find out about it? Did it work for you?

  19. By sce05 on Nov 7, 2009 | Reply

    What she doesn’t …
    What she doesn’t mention is that not evryone qualifies for a debt management plan and in some instances settlement and bk are the only option.

  20. By bodine1231 on Nov 7, 2009 | Reply

    Very misleading,she …
    Very misleading,she is talking about settlement,NOT consolidation. Consolidation is just combining all of your credit cards and paying 1 monthly bill.

  21. By alyssabradford on Nov 7, 2009 | Reply

    A good reputable …
    A good reputable debt settlement company will “NOT” charge you an upfront fee!! Most cc companies will not settle with a consumer, they mostly make a deal on the interest that they and then compound that interest at the end of the deal. DS uses collective bargaining… Do your homework Suze!! Writing an agreement on your check mean NOTHING! Check out Banking regulations! You get a letter of the terms prior to sending a creditor anything! They do not have jurisdiction over the IRS.Come on

  22. By VF5 on Nov 7, 2009 | Reply

    The title is …
    The title is completely misleading! Debt settlement and debt consolidating are different!

  23. By Freshfinance on Nov 7, 2009 | Reply

    The title is a …
    The title is a little ridiculous to say debt consolidation is a scam. Yes there are some rogue companys but there are others who can be very helpful

  24. By SoldierCyfix on Nov 7, 2009 | Reply

    don’t own a credit …
    don’t own a credit card, if just that simple

    i have owned one in the past and got rid of it as soon as i first used it for a large payment

  25. By janb6969 on Nov 7, 2009 | Reply

    suze makes a nice …
    suze makes a nice milf.

  26. By ganguerito on Nov 7, 2009 | Reply

    this is so much fun …
    this is so much fun…..hell with the cards

Post a Comment