Debt relief service

As consumer debt continues to spiral out of control, debt relief is fast becoming a major concern for many American’s. In 1999, American’s made $1.1 Trillion worth of credit card purchases. In 2001, American credit card debt hovered around $690 billion. Unfortunately, in today’s unstable economic conditions, many American’s are being forced to turn to credit cards as a way to extend their income. Consumer debt is at an all-time high and American’s need to know what they can do to get out of debt. Often, consumers are seeking the services of professional debt settlement companies to help regain control of their finances. However, prior to making such an important decision, it is important to fully understand who you are doing business with.

The most important thing you can do when making the decision get help with your debt related problems is to be an informed consumer. It is absolutely critical to do your research. Do not rush into things; this can cause more harm that good. Prior to signing on with any Debt Settlement company, make sure you ask the following questions and consider their responses:

* Is the debt settlement company you are considering accredited by The Association of Settlement Companies (TASC)? Personally, I would not consider doing business with any debt settlement company that’s not! TASC accreditation reduces risk to consumers and gives overall confidence because the member company has been independently evaluated by a third party for its competence and performance capabilities. Any company that truly has the client’s best interest in mind will take the time, and make the effort, to do so. While the process can be long and difficult, in the end, it is best for the consumer and the company.

* How much does the service cost? When choosing a solution for debt relief, it’s important to make sure the program is something that’s affordable and realistic within your monthly budget. If you can’t afford the program and join anyway, you’re are just causing more long-term financial problems for yourself; however, if you are able to meet the monthly financial requirements of the program, Debt Settlement is a great form of debt relief for unwanted credit card debt. Most people don’t realize that Debt Settlement is the quickest and least expensive form of debt relief outside of bankruptcy.

* Does the company offer any type of service guarantee? If so, what is the guarantee? If a company can not get settlement on your debt, you should never have to pay a fee, or the fee should be fully refunded. Additionally, steer clear of any debt settlement company that promises a quick fix to your debt related problems or tells you that debt settlement will not have a negative effect on your credit. Upon enrolling in a debt settlement program, your credit score will probably get worse before it gets better. This is a minor price to pay for being given a substantial debt settlement and not having to file for bankruptcy! However, it is important to realize that if you want to maintain a “good credit rating”, you have to pay you bills on time; anything else will cause your credit score will suffer.

* Does the debt settlement company you are considering have IAPDA certified debt arbitrators? IAPDA certified debt arbitrators possess a solid understanding of the laws governing the Debt Settlement industry and fully understand your current financial situation.

* Does the debt settlement company you are considering offer any type of bankruptcy assistance should debt settlement not work out for you? For example, some debt settlement companies will offer a refund of some of the program costs to help pay for a bankruptcy attorney of your choice. Of course, the funds would have to be paid to a licensed attorney and not directly back to you. Again, a company that does this will most likely have your best interest in mind.

* Does the debt settlement company you are considering belong to the local Chamber of Commerce? If so, is the Chamber an accredited member of the Chamber of Commerce of the Unites States? This type of affiliation will help ensure that the company is conducting business in a proper manner.

* Is the debt settlement company you are considering a member of the Better Business Bureau? It doesn’t really matter. Unfortunately, the BBB does not yet recognize Debt Settlement as an industry, due to, in my opinion, being misinformed by the credit card industry and their agents, the Credit Counseling industry, about the effectiveness and success rate of its participants. As a matter of fact, in some states the BBB has not allowed Debt Settlement companies to even join the BBB, and the BBB has a rating scale that is skewed to give Debt Settlement companies a D or F rating just for the industry they belong to. This is a disservice for consumers, because it does not allow consumers to distinguish between reputable debt settlement companies and those that are less then desirable. For consumers that are truly interested in doing research to select a qualified Debt Settlement company, a great resource is The Association of Settlement Companies website, which is http://www.tascsite.org TASC is the watchdog group that enforces a strict code of standards and disclosures to its member companies. Companies are monitored through a third party “secret shopper” program to make sure they are consistently upholding the high standards that TASC embodies.

By: Alan Barnes

If it seems like your money is buying less these days it’s not your imagination; inflation in the United Statesl, especially, is rampant right now running at a rate of possibly over 10%. Of course the official government CPI statistics state that inflation is perfectly under control, and moving at a rate of about 4% right now. This is not a realistic number, especially since the formula used to calculate inflation in the US was changed only a few years ago.

The best thing you can do for your finances right now is to get out of debt. This is recommended by so many analysts as the most important thing an American citizen can do right now. Especially under the threat of inflation we say so many problems ahead with our economy that debt is the last thing you want to deal with.

Getting out of debt isn’t as hard as you think. Unfortunately we are never taught proper money management. It’s surprising and disturbing to think how many elementary subjects the government pushes us to learn but never insists that we learn to manage her money which is the one thing that we all are concerned with and all must deal with. How can you learn proper money management and debt relief skills? Very easily when you have access to the Internet

The only thing you need to watch out for are scams and bad advice. So many people insist on giving advice on the Internet when they have no experience or only wish to sell a product that doesn’t work. I tried so many different debt relief products when I was in debt that it seemed like after a while, none of them were meant to actually work. Then I realized what I was doing wrong and it became pretty obvious. After that I had no problem getting myself out of debt as well as my friends and family members. Now people I don’t even know come to me for financial help!

The most important thing I can recommend, besides cutting up your credit cards first thing, is to try using personal do-it-yourself solutions at home and not going to professional debt relief services until you know you actually need them.

By: Warren Frump