Debt Negotiation Advice
Is debt negotiation the answer?
My parents are in a lot of debt. about $60,000. my dad joined a debt negotiation program that looks promising, but almost too good to be true. he has stopped paying off the credit cards and he claims that the negotiators will take care of everything and we will only have to pay half of what we owe. the name of the program is financial rescue llc. ive looked it up and some compare it to bankruptcy. i dont really know anything about it. will it give us bad credit? how long until we are debt free? or is it just a scam? someone please help
Public Comments
- This type of service is a scam. They have you stop paying the debts in hope that the creditors will negotiate a lower repayment after several months. It will destroy their credit rating. But more importantly, debt is a behavior issue. If your parents have not seriously changed their behavior, no service or plan is going to do any good over the long term. Instead of letting someone else "take care of everything", your dad needs to take charge of the situation, formulate a plan, and put it into action.
