Aggressive Phone Closers Needed for Debt Settlement – Training Provided

Bad debt settlement advice

The following is just one of many advertisements that I see every single day. Please read it and understand that when you call an ad or an 800 number looking for help with your debt, you will typically be speaking with a person with the qualifications sought after in this ad. Ask yourself if this is the type of person that is going to give you the sort of advice you need to resolve your situation. Debt Settlement Closer We […] Read more »

TASC Throws USOBA on the Sword, Runs to Next Industry to Plunder


For the past few weeks I have really been scratching my head and trying to figure out just what the heck is going on over at TASC and USOBA.  It seems as if they are the only ones that didn’t get the memo that the days of the rip off, “front loaded fee” debt settlement company are over.   On one hand you have USOBA running around telling any legislator that will pretend to listen that “front loading” their fees is the only way debt […] Read more »

USOBA and TASC Set Industry Standard – Don’t Trip Over The Bar

Usoba and Tasc set the bar low

A few days ago a debt settlement salesperson went into a public forum and basically told me I was full of it for saying TASC and USOBA are not really looking out for consumers.  As evidence, he claims that he was secretly shopped by TASC and it was found that he didn’t lie to the undercover consumer. Now I have never said TASC and USOBA didn’t do anything.  Some of the requirements they have are certainly better than nothing.  Of […] Read more »

Mass Exodus in Debt Settlement Industry, Take Heed or BE TRAMPLED

Debt Settlement Companies will close in Mass

If you only have the time to read one of my articles pertaining to debt settlement, then you must read this one if you are considering hiring a debt settlement company. I believe that we are about to witness a mass exodus of debt settlement companies closing their doors and leaving their existing clients in very bad financial shape. I have been warning consumers for years that these companies who front load all of their fees are very bad news.  It seems […] Read more »

Most of My Articles are about Debt Settlement – Why?

Debt Settlement Pied Piper

A reader that glances at my blog might mistakenly conclude that I recommend consumers pursue a debt settlement strategy far more often than I would any other.  If that is not the case, then why does the topic of debt settlement, at least thus far, clearly dominate much of the content on this blog?  Simple.  The debt settlement Industry, by a large margin, is harming many more consumers than all of the other “debt reduction strategies” combined. As an advocate […] Read more »

Legacy Debt Solutions vs Credit Solutions – Who Can Bankrupt a Client Faster?

Debt Settlement Salesperson

Hiring a debt settlement company using a front loaded fee model endorsed by TASC and USOBA is more likely to lead a consumer to Bankruptcy then to a successfully completed settlement program.  There are various reasons why this is unfortunately true, but one of the most obvious to me is that debt settlement salespeople for the most part, always recommend debt settlement, regardless of whether or not it actually makes sense given the financial circumstances of the client. The following […] Read more »

TASC – Just Another Marketing Gimmick

Debt Settlement Salesman

“If you tell a lie that’s big enough, and you tell it often enough, people will believe you are telling the truth, even when what you are saying is total crap.” – Richard Belzer This is the 4th in a series of 5 articles aimed at educating consumers on what I believe to be the true motivations behind The Association of Settlement Companies (TASC).  If you have read my previous 3 articles, you have likely come to the same conclusion […] Read more »

TARF – The Association of Red Foxes


As an aside to the 5 part series that I am writing on the Association of Settlement Companies, I wanted to provide a simple way to understand the thinking behind the formation of TASC, as I see it. Sometimes it is very difficult to explain interwoven thought processes in the confines of a 1000 word article. Hopefully this will help consumers understand why (in my opinion) TASC currently has nothing to do with legitimately protecting consumers and everything to do […] Read more »

Debt Settlement – FTC could put 84% of Companies out of Business!

FTC Fee Ban

Currently the FTC is considering a proposal to Ban the large upfront fees that most debt settlement companies charge.  USOBA – The United States Organization for Bankruptcy Alternatives, recently submitted testimony to the FTC that such a ban could put up to 84% of their member debt settlement companies out of business. USOBA is a trade association for the Debt Negotiation Industry.  They claim membership of about 200 debt settlement companies. Since most Debt settlement companies incorporate a similar advance fee […] Read more »

The Association of Settlement Companies – TASC – An Introduction

Tasc - The Association of Settlement Companies

One might wonder what is motivating me to write a series of posts dedicated to The Association of Settlement Companies (TASC).  I must confess that it is in part for the selfish reason of saving myself some time.  One of the core principles behind the founding of Damon Day and Associates was to first and foremost educate consumers, by providing honest and straightforward financial advice as it relates to all of the options available for getting out of debt. At least […] Read more »

TASC – The Association of Settlement Companies – A Closer Look

Tasc Exposed

I started writing this article a number of months ago and it has sat collecting digital dust until some recent events at the FTC caused me to pick it back up. My intent is to provide a perspective on a Debt Settlement industry organization known as The Association of Settlement Companies (TASC). I will tell you right up front that my perspective will be very different than the one you will get from a salesman of a TASC member company. […] Read more »

Credit Solutions of America – Sued by Florida Attorney General

Credit Solutions Scam

Credit Solutions of America is another of a long line of Debt Settlement companies currently in hot water with State Attorney Generals throughout the Country for unfair and deceptive business practices. As is almost always the case, the unfair and deceptive practice stems form the structure and the amount of fees charged to consumers upfront.  In the case of Credit Solutions of America, after 17  months in their program, nearly 50% of client payments would actually go toward their fees. […] Read more »

Debt Settlement Nightmare for Phoenix Woman

elmstreetSchild_big reported today the story of Rosie Stewart who found herself in $175,000 worth of credit card debt after her business fell victim to the economic downturn.  Like many people she turned to a debt settlement company that was big on promises but short on results. Essentially she paid this company Ram Financial Services over $12,000 dollars and received nothing but a lawsuit form one of her creditors. Incredibly when she contacted Ram about the lawsuit, she was told that […] Read more »

Get Out of Debt – What Strategy Makes the Most Sense?

debt help options

Help!!!! I am on information overload.  Can you look at my financial circumstances and tell me exactly what debt reduction strategy will make the most sense for me? Sound familiar?  You are not alone.  Thousands of people ask this question every day and set out on the Internet looking for the answer. Unfortunately instead of honest and unbiased advice they typically encounter salesmen that focus more on convincing consumers to buy into their various programs than they do on educating […] Read more »

Debt Help – Who can You Trust

Truth about Debt help

You are in Debt, you are struggling, you can’t pay your bills. What do you do? Like most people, you turn to the Internet. After all, the Internet has all of the answers.  It is true that you probably can find the answers you are looking for online. However, you are definitely going to also find all of the wrong answers, and no shortage of websites, sales people, and hucksters more than willing to sell you down the river to […] Read more »

Debt Settlement Companies – Top 5 ways they can Screw you!


Debt Settlement Companies are the solution to all of your debt problems.  No matter how much you are struggling or what the circumstances are, they will step in and resolve all of your problems.  Just turn everything over to them and rest easy knowing your financial future is secure. Sounds a little far fetched don’t you think?  Well if you have ever seen, heard, or read any of their advertisements, this is the impression they are giving consumers. Lets take a […] Read more »

How to find the Best Debt Settlement Company for you.


A question that I am asked quite often is, “who is the best debt settlement company?”  Well, that really depends on what your definition of “the best” is. Personally I have not seen more than a small handful that I would even consider recommending to a consumer.  Most of these debt settlement outfits have less than a 25% success rate and will do nothing more but siphon fees from consumers before ultimately pushing them into Bankruptcy. WARNING – Do not […] Read more »

Top 5 Reasons Most Debt Settlement Companies Fail their Clients.

Debt Settlement Companies are everywhere.  You have seen the ads on TV and heard them on the radio. You know, the ones where they promise to cut your debts by up to 70%, stop the creditor phone calls, lower your monthly payments, and make your life so blissfully happy that you will wonder how you could have ever lived without them. In reality, I would rate most Debt Settlement Companies as “Epic Failures.”  What follows is by no means an […] Read more »

Top 5 myths told by Debt Settlement Companies

pinochio nose

Over the years I have heard so many half truths and flat out lies told to consumers by Debt Settlement Salesman, I decided to make a list of the top 5 most common.  If you find yourself on the phone with a settlement salesman that floats one of these over to you, go ahead and politely terminate the call and save yourself some time. Without Further Ado, here is the top 5 in reverse order 5.  Only Licensed Attorneys can […] Read more »

New Debt Settlement Video is Eye Opening for Consumers

These days American consumers are hemorrhaging under mountains of Debt. Where there is blood, there will certainly be sharks. Specifically I am referring to Debt Settlement companies. There is definitely not a shortage of shady characters in other forms of debt help, but due to the largely unregulated nature of Debt Settlement, the sharks can find much easier pickings. After several years of research, direct involvement in the industry and hearing literally hundreds of horror stories during my consultations with […] Read more »