Posted on July 29, 2009 at 3:48 pm I have $80,00 in credit card debt and everyone I speak to tells me their program is the only solution for me and every other program is a scam.   I just read on this site that all debt settlement companies are scams.   Who do I believe?

Posted on July 29, 2009 at 4:37 pm Not all debt settlement firms are scams. The truth is- the industry is not regulated (because it is fairly new) so there is a lot of skepticism among consumers, often driven by the media. The best thing to do to find out if a company is reputable is go to their profile on the Better Business Bureau website (www.bbb.org) There, you can see what grade they have, how long they have been in business and most importantly how many complaints have been filed against them in the last 3 years. You can also see if they are members of The Association of Settlement Companies (TASC). This organization promotes ethical practices within the settlement industry. Their website is www.tascsite.org. Furthermore, you may want to shy away from any company who charges more than 15% of your total debt amount for their fee (that is the industry average) and any company who does not spread the fees out over time but requires you to pay them entirely up front.

Posted on July 29, 2009 at 4:42 pm Walt- if you need some help finding a reputable company- fill out a form on DestroyDebt.Com to get matched up with a qualified company.

Posted on July 29, 2009 at 7:55 pm How would you justify that debt settlement would be the best option for me, and not anything else like bankru[ptcy?

Posted on July 30, 2009 at 1:29 am I got  a question too---- how does the BBB gauge a company based in their ratings? What's their basis on giving one company an A and another one an F?Hope you can help. Thanks

Posted on July 30, 2009 at 7:57 am Willy Wonka- you would have to share what your situation is for me to determine what avennue may be the best to pursue. How much is it that you owe? What are your interest rates? How much can you pay each month towards your credit cards? Are you current or behind on your monthly payments? Let me know and I am happy to provide additional insight. George Q- the BBB will base their ratings off of the following: -BBB experience in the respective industry -length of operation -known government actions taken against the company -amount of complaints filed with the BBB against the company, and whether or not the company has resolved said complaints -any advertising issues found by the BBB -whether or not the company has provided the BBB with clear and sufficient info regarding their operation -whether or not the company is accredited with the BBB  

Posted on August 1, 2009 at 1:39 pm The problem is that everyone you talk to wants to sell you their program.  A good source for unbiased information is The Truth About Debt Relief radio show hosted by Doug Johnson.  This show has helped me clear up a lot of confusion and it is easier to listen to podcasts than to scroll through and read many pages of forum posts to get the information. 

Posted on August 10, 2009 at 3:58 am I have $28k in unsecrued debt and I do not know how to take care of it. My partner jsut left me and I am devastated at evertything's that's happening in my life right now.

Posted on August 10, 2009 at 4:15 am Just to add, my interest rates are almost at thirty percent as APR and my income is not enough to pay off my debts. I want to file for bankruptcy but I know that's not a good option right now. I do have a steady source of income but it doesnt cover for what I need to pay, I can hardly make the minimum pmt