Debt settlement company advertises you have a "Right" to settle your credit card debts. WRONG!

by Jay Fleischman, Esq.

December 1, 2008

While decorating my Christmas tree yesterday, I was listening to the radio. One of the commercials was for a debt settlement company advertising that credit card companies don’t want consumers to know they have a “right” to settle their credit card debts. My ears perked up and my mouth dropped open. Did I hear the commercial correctly? Did they say “right”? As the word “right” kept playing in my head, I became angry. This debt settlement company is clearly misrepresenting its’ services. While many credit card companies or bill collectors often will agree to settle a debt, they are not required to do so. Nor am I aware of any law which requires a creditor to settle a debt with a consumer. Be wary of any offers that sound too good to be true.

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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.

Last modified: December 22, 2011