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Ask Dave

Debt CONsolidation Is A Bad Deal

Zoey on Twitter asks how Dave feels about debt settlement companies. Dave thinks they’re awful and tells Zoey why.

QUESTION: Zoey on Twitter asks how Dave feels about debt settlement companies. Dave thinks they’re awful and tells Zoey why.

ANSWER: Oh, they’re awful. Horrible. There’s a huge level of complaints with the Federal Trade Commission. You pay them a ton of money. They don’t return your calls. They do a horrible job. The whole premise of the debt settlement company is: If you’re current, they cause you to not be current so that they can settle your debts. You pay them $2,000, $3,000, $4,000 or $5,000 to do what you can do for yourself if you’re not current. If you haven’t paid your bills in months, then you can negotiate with these guys. This is not rocket science. You just have to fight with them enough. You don’t use some company to do this for you. You’re going to get ripped off. The customer dissatisfaction with them is very, very high because they don’t do a good job. You need to take care of you.

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