Are “debt relief agencies” of any help?
cvq3842 asked: Or do they just make the problem worse?
Thanks.
Darrell
Tags: Debt Help, Debt Relief Agencies
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on Wednesday, December 3rd, 2008 at 10:33 am and is filed under Personal Finance.
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December 5th, 2008 at 5:29 am
Not really. They don’t fix the problem of never having any more debt. Most people who use them get right back into the same shape they were in before.
December 7th, 2008 at 6:37 am
Debt relief agencies are of great help for people in certain situations. Debt relief, or debt settlement, companies were set up designed to help distressed consumers. The concept is valid and effective. The problem is there are some companies that act unethically which give the industry a bad name. Debt relief companies will help with consumers who have fallen, or are going to fall, behind on their credit card payments. The consumers credit will suffer while in said program, but it would have anyway is they continue on their current track. Also, the consumer must have gone through some financial hardship to put them in this situation. When looking for a legitimate debt settlement company, see if they are members of the better business bureau, ask how much debt they have under management, years in business, etc. You may want to start with companies like or as they both are reputable within this space.
December 7th, 2008 at 7:57 am
Usually not.
There’s very little a debt relief agency can do that you can’t do yourself.
And if they put you on a negotiated repayment plan for less than what you owe, your credit is trashed.