How Do You Feel About Debt Relief Companies?
By LindaOH
@LindaOHio (190473)
United States
June 6, 2025 8:47pm CST
There is a debt relief company that has been advertising many times a day on a channel that I watch. They handle credit card, personal and medical debt. You must have at least $10,000 worth of debt to apply.
Actual customers tell their stories of how their $40,000 - $50,000+ worth of debt was cut by $20,000 or more.
How do you feel about this?
I think if you spend $50,000 on your credit card, and it wasn't because of an emergency or dire need, that you should pay it off. It is us, the consumers, who will pay for that reduction in debt. I can understand medical debt, especially if, for some reason, there is no medical insurance.
If you have used a debt relief company, I hope this doesn't offend you. If you'd like to tell your side of the story, I welcome you to respond.
Photo Credit: Pixabay
16 people like this
12 responses
@Ineeddentures (3240)
•
7 Jun
I think they are a con to be honest
I say this because only the people we are in debt to can agree to reduce our debt and we can negotiate with them ourselves
So I think it must be a con
I have no debt, so I don't really know how it affects me if someone does get debt reduced
I'm not offended either
1 person likes this
@Ineeddentures (3240)
•
14h
@LindaOHio
Does using such a company impact a credit score.
For better
Or for worse Linda?
1 person likes this
@LindaOHio (190473)
• United States
9h
@Ineeddentures I actually don't know. I would guess that it would have a negative impact.
1 person likes this
@kareng (75038)
• United States
8h
@LindaOHio They probably own the CC company or have a part ownership in it.
1 person likes this
@LindaOHio (190473)
• United States
17h
As far as I know, they charge a fee for their services. They draw up a plan for the customer to pay off the rest of their debt to the credit card company, etc.
1 person likes this
@LindaOHio (190473)
• United States
17h
I think it's to the person's detriment to pay off half their debt.
1 person likes this
@LadyDuck (475605)
• Italy
14h
@LindaOHio - I do not really know how this works here. There is a limit on how much you can spend using a credit card and the limit is according to your earnings. Of course people may borrow money from private companies and that is a very bad decision.
1 person likes this
@LindaOHio (190473)
• United States
9h
@LadyDuck They are limited on each card; but I think these people probably have multiple cards.
@wolfgirl569 (117135)
• Marion, Ohio
13h
I don't think it helps those people. They will just run the cards up again
1 person likes this
@GardenGerty (164005)
• United States
4h
I am using a debt relief program managed by a lawyer, which is how it has to be in Kansas. We went into debt over the years when Bob was so sick. We have more than paid off the principle. The horrendous amount of interest they are allowed to charge is where the debt gets so large. Believe me, the credit cards will not lose money on these things. The lawyer negotiates the reductions, and it will have taken me a total of four years when I am done. Credit cards offer these deals themselves. An appropriate company manages it, and keeps track of what is paid, how much interest is paid and makes sure the paperwork is done. Just one of my cards would have taken me 29 years to pay off the minimum, with interest. As some people are saying, some of these places are scams. Others genuinely help the consumer who is drowning in interest fees.
@snowy22315 (190716)
• United States
7 Jun
I don't think debt relief companies are very helpful to anyone honestly
1 person likes this
@id_peace (15493)
• Singapore
23h
In my country, it is illegal to do that as we have a centralised government association to do that in Singapore. negotiation for any debt restructuring via an organisation on the behalf on an individual can only be done via the organisation to the financial institutions.
1 person likes this
@paigea (36081)
• Canada
8h
I think people who get into credit card debt are paying a lot of interest. So, they are paying a lot more than the price of the items they purchased. For that reason, I'm not against them reducing what they owe to credit card companies.
I think I'd ask my bank how to tackle my debt, not a company though.
@LooeyVille (53)
• United States
15h
My theory is you bought it, you owe it. Period.
1 person likes this
