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Last Updated: January 02, 2024
You don’t have to look very hard these days to find companies tripping over themselves offering consumer debt help. It is essentially capitalism at work or a matter of basic supply and demand. For the last 5 years, the debt relief industry has exploded simply because of the large demand of consumers who where in trouble and looking for help.
Of course the explosion in the industry is not all good news. These days consumers must really do their homework before entrusting their financial future to just any “Johnny Come Lately” debt relief program. Many of these programs didn’t even exist a few years ago and just recently decided to jump in and take advantage of a huge consumer demand.
Real Consumer Debt Help Does Exist
You Just Have To Look Hard
Spend a few minutes on Google looking at various Internet complaint boards, the BBB and even the website of various state AG offices and it will be clear from the sheer number of consumer complaints that most of the debt relief programs offered to consumers had no real experience or expertise to offer the type of services that they were.
Over the last few years there has been a large money grab and a cash cow opportunity for many businesses to start up, make unfounded and outrageous claims and sell hope to cash strapped consumers. A slick looking website can now be created overnight and with a simple keystroke you are open for business.
The need for consumer debt help is very real, but hiring a company that is more focused on sales than they are on service will just make your financial problems worse. It is very important for consumers to spend some time and do some research beyond a debt relief company’s website.
Search the Internet for potential complaints that other consumers may have experienced. Look at the companies BBB profile to see if there are a large number of unresolved complaints there as well. You should also look at the track record of the business. If they opened their doors only a few years ago, and they are promising a program that will have you out of debt in 3 or 4 years, then what are they basing those claims on?
Understandably, when you are in debt, you just want to find a solution and implement it as quickly as possible. However take the advice of the thousands of consumers who have already been burned by “Johnny Come Lately” debt relief providers and invest a few hours to investigate several companies before you are potentially led down a primrose path by someone just looking to make a buck.
Pacific Debt has offered result oriented Consumer Debt Help to our clients for almost a decade. Our commitment to our clients is our number one priority and we do not earn a dime until they see results.
Warning Signs You May Need Debt Help
If you are relying more on credit cards to pay monthly bills, only paying the minimum amount due on cards, or getting frequent calls from debt collectors, you may show signs that your debt load is becoming unmanageable. Getting professional help can assist you in evaluating your situation and finding the right debt relief solution.
Choosing a Reputable Debt Relief Company
Before agreeing to work with a debt settlement provider, do your research:
- Check the company's BBB profile for any complaints and their resolution
- Search online for customer reviews about the company's services
- Ask questions about their fees, debt settlement process, and past performance
- Request examples of previous settlements the company has achieved for clients
Questions to Ask Potential Debt Relief Providers
If you are considering working with a debt relief company, make sure to ask these key questions before signing up for any services:
- How long have you been in business? Look for 5+ years of experience.
- What types of debt do you specialize in settling? Credit cards, medical bills, etc.
- What are your fees and when are they collected? Avoid high upfront fees.
- What debts are eligible to be included in your debt settlement program?
- What percentage of your past client accounts have you successfully settled? 75%+ is a good benchmark.
- Can you provide references or testimonials from real clients I can contact?
- Are there any negative reviews, complaints, or legal actions against your company?
Thoroughly vetting any company you consider can help avoid those just looking to take advantage of consumers in need of debt help.
Developing a Debt Management Plan
Managing increasing debt yourself starts with creating a debt management plan:
- List all debts by amount owed and interest rate
- Set a budget for essential monthly expenses
- Prioritize paying down the highest interest rate debts first
- Contact creditors directly to negotiate reduced rates if possible
- Direct any extra income after expenses to paying down debts
- Seek additional income sources if necessary through part-time work
Consistently following a debt management plan takes discipline but can help you actively resolve debts and avoid needing more intensive debt relief in the future.
Alternatives to Debt Settlement
While debt settlement is one option for consumers struggling with high debt, other potential solutions include:
- Debt Management Plans: A DMP provided by a credit counseling agency can consolidate your debt into one monthly payment and negotiate reduced interest rates. Often little or no upfront fee.
- Debt Consolidation Loans: These loans allow you to pay off debts at a lower interest rate, reducing payments. Qualifying can be difficult for borrowers with poor credit.
- Bankruptcy: As a last resort, filing Chapter 7 or Chapter 13 can eliminate eligible debt under court supervision. Significant impact on credit.
FAQs
Conclusion
Consumers struggling with overwhelming debt have options like debt settlement and other relief programs to help them resolve what they owe. The debt relief industry provides necessary services, but consumers must thoroughly research any company they consider working with to avoid scams.
Reputable providers with a long history of actually settling debts for clients rather than just taking their money do exist. Arm yourself with information about the realistic costs, duration, and outcomes you can expect when seeking much-needed debt relief, and prioritize firms demonstrating their past results, customer experiences, and lack of complaints.
There are trustworthy solutions available to alleviate your debt burdens through settlement - so do not delay seeking their assistance. Stay informed, ask tough questions, and find an established provider truly committed to helping improve your financial life.
Pacific Debt Relief
If you’d like more information on how to get out of debt, we are happy to help. We will explain all your options and help you decide which is the best option for you. We can even refer you to trusted partners who can better meet your needs. If you have more questions, contact one of our debt specialists today.
The initial consultation is free, and our debt experts will explain your options to you.
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*Clients who make all their monthly program deposits pay approximately 50% of their enrolled balance before fees, or 65% to 85% including fees, over 24 to 48 months (some programs lengths can go higher). Not all clients are able to complete our program for various reasons, including their ability to save sufficient funds. Our estimates are based on prior results, which will vary depending on your specific circumstances. We do not guarantee that your debts will be resolved for a specific amount or percentage or within a specific period of time. We do not assume your debts, make monthly payments to creditors or provide tax, bankruptcy, accounting or legal advice or credit repair services. We are not a credit repair firm nor do we offer credit repair services. Our service is not available in all states and our fees may vary from state to state. Please contact a tax professional to discuss potential tax consequences of less than full balance debt resolution. Read and understand all program materials prior to enrollment. We are licensed where we engage in business. NMLS # 1250953. The use of our services will likely adversely affect your creditworthiness, may result in you being subject to collections or being sued by creditors or collectors and may increase the outstanding balances of your enrolled accounts due to the accrual of fees and interest. However, negotiated settlements we obtain on your behalf resolve the entire account, including all accrued fees and interest. C.P.D. Reg. No. T.S. 12-03825.