Sunday, January 3, 2010

Debt settlement needs to be regulated

Los Angeles Times:
Can you imagine getting a job at which your boss tells you that you'll get your paycheck every two weeks whether or not you show up? And performance doesn't matter. Everything's fine as long as you merely say say you'll do the work.

Most of us would laugh at such a preposterous idea -- or ask where we could sign up. But this scenario is business-as-usual at so-called debt settlement companies -- the ones that advertise during late-night television and on urban radio. In California, hundreds of these companies get paid every year by desperate consumers for simply claiming they will reduce or eliminate the consumers' burdensome debts. They make no guarantees, but they make lots of money. -- read more

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