The Today show did an investigative piece on debt settlement companies, specifically Credit Solutions. The video is about 7 minutes long and follows a family who signed up for Credit Solutions program only to be misled and eventually cancel after a year on their program and paying around $6,000 in fees. Today’s Credit Solutions review is quite good and shows the company did negotiate multiple settlements for the family, they were just unable to afford them at the time. Today also talks to the BBB in Texas who has received 1600+ Credit Solutions complaints in the last 3 years. Very interesting piece that makes them look very bad!
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Well….. as usual, the media seems to have a slanted report on this case. Pretty sure that most of it may be warranted, regarding Credit Solutions, but still puts a very bad light on the entire industry, as a whole. I didn’t notice where they [The Today Show] highlighted the pertinent facts in the settlement agreement that pre-addressed much of the consumer’s complaints; did I miss that segment? Oh…. that might have let some of the air out of the story. Hmmmmmmm.
I agree Danny. I was actually surprised that they showed the 11 settlement offers. That said, the Today Show sure has a lot more credibility than Dan Goldberg and this segment just adds fuel to the growing tide against debt settlement. TASC and USOBA need to do more than collect fees and provide pretty logos for people to add to their websites.
Debt Settlement as a financial offer in the marketplace is absolutely an offer of value.
1. Oh by the way…There is reason that the credit card companies themselves participate in the process of debt settlement.. because it provides them with (typically) 40-60 cents on the dollar of debt that is effectively uncollectible.
2. Oh by the way.. the “industry” of credit counseling (featured as a commentor in this video) is funded by the credit card companies because it provides NO relief on debts that are driven by usery rates charged by the CC companies themselves and is demonstrably horrific on your credit rating; a little know and never advertised fact.
I have no doubt that there is abuse in the industry, but to continue to attack an industry because of the work of a few is irresponsible.
Who owns this website I wonder.
Todd, this site is pro-debt settlement. We merely provide information to consumers so they can make the best decision possible.
Oh by the way…if you want to contact me, all you have to do is email admin (AT) debtsettlementreviews.com
According to the BBB in Texas, there have been 1441 complaints against Credit Solutions. However, all but 6 of those complaints are resolved! My understanding of the industry is that consumers are supposed to save the money they were paying for credit cards to go towards their settlement offers, but the family in this video doesn’t appear to have been doing that. Has anyone seen the Nightline Exposed video that is on youtube? Fascinating!
We have went through credit solutions and yes they did tell us not pay our credit cards! Which we did and got ton of phone calls and threats! We did try to save money but now here we are making some of the deals ourselves on these credit card companies because they don’t deal with credit solutions! Well it is hard saving the money when you are having to pay these credit cards! They have settled a couple for us but I don’t understand why I am paying them all of this money when I am having to make the deals myself! I want to know if you can cancel since I am doing the deals myself! Also we had threats of being sued also and when we call credit solutions and tell them what has been said they always say they are going to take care of it! Well then the companies say that they never talk to anyone from credit solutions! So we need help on how to get away from them especially with the money we are paying them and they aren’t doing anything! Please respond on what we are to do!