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Author: Windowseat Big funky green star, 20000 posts Top Favorite Fools Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308881  
Subject: A new breed of debt collector. Date: 10/5/2013 12:35 PM
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Out in Oklahoma there is a new debt collection agency. It's only been operating for a year, so there's no real proof that the owner is actually making more money than his competitors, so we'll have to wait a while to see how things work out, but the concept is exciting.

The company founder works on a basic premise: people who are in debt don't have any money. (This is known as the "you can't get blood from a stone" principle).

So his company works to get people jobs, or renegotiate debts from all the debtors, not just the one he's been hired for, plus other kinds of help (they didn't mention budgeting, but that would presumably be included) will make it possible for people to pay their debts without having to declare bankruptcy.

I hope this works. Many people do want to pay their debts, but they're in over their heads, feel crushed and helpless, and eventually end up declaring bankruptcy.

http://www.cbsnews.com/video/watch/?id=50156501n

Nancy
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