No. of Recommendations: 12
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
Print the post  

Announcements

UGC Disclosure Notice Regarding Credit Card Posts
Community board discussions about credit cards are not provided or commissioned by banks who may have advertising relationships with The Motley Fool. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.
TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement