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Credit Card Applications » News » Other » American Debt Control Discusses Debt Settlement

American Debt Control Discusses Debt Settlement

December 06, 2009 | Updated on December 06, 2009
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The content is accurate at the time of publication and is subject to change.

American Debt Control President, Zack Anderson, says those who take responsibility for their financial futures through developing financial discipline are nearly always successful in settling their debts. Many of the debt settlement problems consumers go through can always be avoided by employing a sound plan and completing it.

Aggravating credit card debt problems in the United States has spawned reports about companies that aid people in paying off their debts. Zack Anderson, president of American Debt Control, LLC, says most reports miss the mark in two important ways.

Anderson says, news accounts assume that consumers who have had bad experiences bear no responsibility when things go wrong. Reports only focus on companies that function outside established industry standards, without acknowledging the fact that most of them do things right.

Candidates for credit settlement are those who have more than $10,000 in their credit balances and have experienced major setbacks such as job loss, divorce, or a serious health problem.

Since new bankruptcy laws took effect in 2005, those who previously filed for bankruptcy found that they could not qualify for relief under Chapter 7 of the law. This gave rise to the present debt settlement industry, which includes American Debt Control.

Anderson says no matter how difficult a person's situation may be; responsibility of settling his finances still rests upon him. The credit control industry's function is to help these people settle their debts by explaining the process in writing and verbally to everyone they counsel. Some may not succeed and even file complaints with Better Business Bureau simply because they do not follow the plan the credit control made for them.

Anderson further reveals that when a process goes awry, it nearly always involves not setting aside money to pay bills, not turning over the correspondence from creditors to the debt settlement company, and not letting the debt control company be the single point of contact with creditors.

American Debt Control is recently working with Better Business Bureau to develop effective ways in preventing debt settlement failures. According to Anderson, if consumers only follow through on their commitments, they practically guarantee their own success.

Anderson says that those who consider credit settlement should look for companies that are members of The Association of Settlement Companies (TASC), this organization helps maintain the standards and practices for the industry.

Companies that are TASC-accredited represent the top echelon of companies. Comprehensive audits are also part of this accreditation process.

At present, Anderson admits he has not seen any news report which mentions TASC and explains this organization's functions. He further states that it is understandable that some people have not heard of the organization since it was only founded in 2005.

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All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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