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This is a slimy tactic tried by debt settlement companies to steal from you.  That’s right, other lawyers and professionals will call debt settlement a poor product, a bad decision, or a lousy product.  I call them crooks, and here’s why.

Debt settlement companies use misleading advertising (that is being kind) to get people to call them.

Every day on the radio I hear about a government bailout of credit card companies.

They have the nerve to claim that the government is requiring them to clear their books in order to qualify for this bailout.

Baloney!

There is no credit card bailout, there is no government bailout, there is no Obama plan for credit cards.  There just isn’t.

Why would a credit card company need a bailout?  The average interest rate on a credit card is around 20%.  If you owe $1000 on your credit card, that company makes $200 per year on you interest alone.  Multiply that by a couple of million and you can see why credit card companies own the big buildings.

You are better off lighting your own money on fire than working with a debt settlement company.

The first $2500 from debt settlement goes right into their coffers so they can run more radio ads to steal from more people.

If you burned your money, at the very least you wouldn’t be helping them pay to defraud others.

Now I’m not suggesting that you should light hundred dollar bills on fire (and if you truly have money to burn, feel free to drop it off), especially if you are struggling with debt.

If you are under a mountain of credit card debt and don’t know where to go, don’t trust the debt settlement companies.  If you are in trouble with credit card debt, you need a lawyer.