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How to choose the right debt settlement company for you
How to choose the right debt settlement company for you

Yahoo

timean hour ago

  • Business
  • Yahoo

How to choose the right debt settlement company for you

Debt settlement requires you to pay a lump sum to creditors for less than you owe and have the remaining balance forgiven. To choose the right debt settlement company, compare the cost, eligibility requirements and reputation of each company. There may be other options for relief, including debt management or consolidation. You might have seen ads promising that you can settle your debt for much less than you owe. If you have a lot of debt with accompanying and persistent collection calls, you might wonder if these companies can provide the debt relief options they promise. To an extent, they can. Debt settlement companies can be a solution to freeing yourself from debt. But finding a reliable, trustworthy agency goes beyond calling the 800 number in the ads or even doing a quick internet search. Before you choose a debt relief company, you should determine if it's the right solution for your situation, then research legitimate companies with agreeable terms. What is debt settlement? Debt settlement is the act of negotiating with creditors and lenders to accept a lump sum payment lower than what is owed and forgive the rest. Debt settlement companies differ in their terms, plans, requirements and even their legitimacy. Consider these factors when choosing a company to work with. Debt-settlement companies earn revenue by charging fees equal to a percentage of the initial or settled debt — typically between 15 and 25 percent. Possible additional costs might include account setup fees and monthly service expenses. These costs could pose an additional burden if you're already struggling financially. A legitimate debt relief company can't legally ask for upfront payment, so any such request is a red flag. Ask for a breakdown of anticipated costs and fees before signing the dotted line. You might not owe enough to work with some debt relief companies. These firms obtain the majority of their revenues on a percentage of existing or settled debt, so you'll need to have a minimum amount to make it worth their while. The generally quoted debt requirement is at least $10,000, though some debt-relief companies can go as low as $7,500. Debt relief scams are prevalent in the finance industry, so it's important to be on guard. Sure signs of a scam are a company that: Contacts you first. Has repeated complaints of fraud, poor customer service or failed results. Uses aggressive sales tactics or over-promises. Another way to determine if a debt relief company is legit is to check how long it has been in business. If that company has been in business for several years, chances are it isn't a 'fly-by-night' firm with dishonest aims. Along those lines, the Federal Trade Commission has a database of banned debt relief companies that are essentially prohibited from offering debt settlement services. Another way to determine reputability is with accreditation. Membership in and accreditation by the American Association for Debt Resolution — formerly the American Fair Credit Council — isn't essential for debt relief agencies. It does, however, lend a level of credibility to the company. AADR members are held to strict operating standards and are audited regularly to ensure they follow regulations. As an added protection, be sure you're working with an accredited debt settlement counselor rather than a salesperson. A counselor certified by the International Association of Professional Debt Arbitrators (IAPDA) can generate trust that the individual will support your best interests rather than doing it for the commission. Additionally, some states require that debt settlement counselors be IAPDA-certified. During the research process, be sure to explore the following with any company you consider: Length of time in business. How much debt the company helped settle. Whether commissions are involved — if the answer is 'yes,' you could be dealing with salespeople rather than accredited debt counselors. The debt settlement process and estimated time frame. While you're asking these questions, be wary if you run across these red flags: The company claims it can settle your entire debt for a promised percentage reduction. The company touts a 'new government program' to get rid of your credit card debt. The company issues an iron-clad guarantee that it can cancel your debt. The company claims it can stop all debt collection calls or lawsuits. The company says it can pay off your unsecured debts for pennies on the dollar. If any debt settlement company makes promises that seem too good to be true, they probably are. When to consider debt settlement Debt settlement may be a good option when: The debt is unsecured. You're already behind on payments. You've tried other methods, like debt management or consolidation. You're okay with settling between 10% and 50% of your debt. Your only other option is bankruptcy. You get a windfall that could pay a lot, but not all, of your debt in one lump sum. Debt settlement comes with risks. Because you're asked to stop making payments as part of the debt settlement plan, your credit score may drop significantly and you may continue to get debt collection calls and threats. According to Andy Manthei, Change Cultivator at GreenPath Financial Wellness, creditors may take legal action and the debt settlement may show up in your credit report. He also warns that the IRS may see the forgiven debt amount as income, which you'll be taxed on. If possible, consider these options first. Debt management programs help you lower your monthly payment through actions like interest rate reduction and debt consolidation, and are created and managed by credit counseling agencies or nonprofits. Instead of paying creditors, you pay the agency or organization and they make the payment on your behalf. According to Manthei, debt management can drop your monthly payment by hundreds of dollars, while also decreasing the payoff timeline, total interest paid and total cost. If the various debts, payments and interest rates are overwhelming, consider consolidating your debts into a 0 percent balance transfer card or debt consolidation loan. Doing so will create one debt with one interest rate and monthly payment, making it easier and potentially faster to pay down your debt. Use a debt consolidation calculator to see if this option makes sense for you and get an idea of what your payment would look like. Get in touch with creditors or lenders directly, explain your situation and ask if you can work out a plan that includes reasonable monthly payments. Creditors may already have a preset plan for when life happens, which may include certain hardship programs, late-fee pauses and rate reductions. 'Some creditors, depending on the level of hardship, may even go to 0% [interest],' Manthei says. Those late-night ads might paint debt settlement companies as the answer to your woes. But before you make the call, carefully examine the background of the advertised company. If you're having severe financial difficulty and can't pay what you owe, debt settlement companies can be a solution. The above tips for choosing a debt relief company can help you find one that's reputable and trustworthy. This, in turn, can help alleviate the stress connected to seemingly insurmountable debt so you can work toward a fresh financial start. Remember, too, that it isn't the only option. According to Manthei, borrowers should try to avoid tunnel vision, take a step back to see the broader picture and see that there are options. Do a little research to understand the differences and find the best route. Most importantly, says Manthei, 'know you are not alone and it's going to be ok.' Sign in to access your portfolio

Stick With The Major Trends
Stick With The Major Trends

Forbes

time6 hours ago

  • Business
  • Forbes

Stick With The Major Trends

As the stock market was going through a series of sharp declines and market uncertainty, I always recommend that you out at longer-term data. In my analytical routine, I start each weekend by looking at the weekly charts before I even look at the daily charts. Often the weekly charts are weak enough so I will not even look at the daily charts. Each month I look at the monthly charts and technical studies to see if there are any changes from the prior month. This includes not only a change in the technical studies but also where there has been a move above or below a key level of support or resistance. In my experience using different methodologies to determine support or resistance you can often zone in on the most important levels. These methods include chart analysis, moving averages, Fibonacci analysis, starc bands, and pivot analysis. In past articles, I have pointed out that one of the lesser-used methods is pivot analysis. The results from yearly, quarterly, and monthly pivot analyses often identify support and resistance levels that are not easily identified by other methods of analysis. In basic pivot analysis, a stock, market average, or ETF is positive if it is trading above its pivot level. In a positive-trending market, the next level to watch is the first resistance level above the pivot or R1. Conversely, if a market is below its pivot then the focus should be on the first support level below the pivot or S1. In February I discussed yearly pivots and suggested that they be used to determine which ETFs might be the new leaders once the market correction was over. To monitor the trend I look for whether a market average or ETF has a weekly close above or below the yearly pivot. A close above indicates a positive trend but depending on the market outlook I may wait for the 2nd weekly close to confirm the signal. As of the end of February, four of the selected ETFs Technology Select (XLK), Consumer Discretionary (XLY), the Invesco QQQ Trust (QQQ) and iShares Russell 2000 (IWM) were above their yearly pivots. As the market declined in March their status changed. QQQ Weekly With Yearly Pivots Tom Aspray - This weekly chart of the Invesco QQQ Trust (QQQ) goes back to 2022 and has the yearly pivot (solid purple) as well as the lighter R1 and R2 above the pivot. The S1 and S2 are included below the pivot. In January 2023 QQQ rallied up to test the yearly pivot at $302.07 but did not close above it. On March 20th QQQ closed at $306.95 and well above the pivot. The R1 at $354.09 was reached in July which was derived from the yearly price ranges in 2022. Six weeks later QQQ dropped to a low of $281.01 and then closed at $301.05. The R1 at $354.07 was exceeded in July 2023 as QQQ had a high of$383.59. The correction ended in October 2023 and QQQ started 2024 by opening at $396.98 which was well above the 2024 pivot at $357.87. The July high was $501.26 which just fell short of the R2 at $510.90. The R2 was exceeded in December with a high of $537.48. On the first day of 2025 QQQ opened at $512.59 and then closed the week at $517.81 which was above the 2025 pivot at $487.57. Then on March 10th QQQ closed at $478.95 so the trend based on the yearly pivot analysis turned negative, point 2. QQQ surged two weeks later to a high of $493.62 but then closed back below the pivot. The eventual low of $402.39 was well below the S1 at $427.66. Then on April 28th QQQ closed at $488.83 so the yearly trend turned back to positive. This was confirmed the next week as QQQ had a high this past week of $519.38. On a move above the early 2025 high at $540.01, the R1 at $572.72 is the next target. ETFs & Yearly Pivots Tom Aspray - The current table has prices taken just before the close on May 30th as those ETFs highlighted in pink are still below their yearly pivots. The other ETFs are positive and will stay positive as long as they do not have a weekly close below their yearly pivots. In addition, I have included the current monthly and weekly DTS signals from the T&J Watchlists. The DTS was created by my colleague Jerry A, and their multiple time frame analysis is quite helpful. There were new monthly positive DTS signals for QQQ and XLK as the WKS is also positive. The monthly DTS are still negative for SPY, XLY, XLV, XOP, XLE, and XLB. This week there were new negative weekly DTS for XLV and XLE. For the market tracking ETFs, like SPY and QQQ, the positions I recommend are determined by my analysis of the advance/decline lines. NYSE Composite With A/D Lines Tom Aspray - TThe daily A/D lines had broken out to the upside by April 29 (see chart) as they had moved above their EMAs. The NYSE Composite was up 1.3% this week which is a solid gain amid more tariff distractions and earnings from the market-leading Nvidea (NVDA). It was lower Friday over China news but up 1.9% for the week. The NYSE dropped briefly below its yearly S1 before closing back above its yearly pivot on April 21st. The S&P 500 A/D line held above its weekly WMA during the market decline and one week after the close above the yearly pivot the A/D line overcame the resistance (line b) and then made an all-time high. This projected a new high for the S&P 500. Just two weeks later the NYSE All A/D line also made a new high as it started to lead the NYSE higher. This favors a move above the resistance at line a, with the next upside target at 20,903 and the R1. It is important to remember that the yearly pivot data stays the same for the entire year. If these ETFs should correct as we head into the summer the yearly pivots should act as support. New monthly pivots are in effect on Monday so on new positions use them as well as the S1 and R1 levels to manage your trades. If you want to learn more about yearly pivots this link may be helpful.

Redefining the Trade Stack: How Bloomberg Broadway Powers the Future of Execution
Redefining the Trade Stack: How Bloomberg Broadway Powers the Future of Execution

Bloomberg

time7 hours ago

  • Business
  • Bloomberg

Redefining the Trade Stack: How Bloomberg Broadway Powers the Future of Execution

The sell-side trading landscape is undergoing a rapid transformation driven by emerging technologies, complex regulatory demands, and evolving buy-side behavior. In this webinar, we explore how cutting-edge technologies and data-driven decision-making are transforming deal-making and operational efficiency. Join us to discover how Bloomberg Broadway empowers sell-side desks with low latency, fast execution across asset classes — built on an API-first, open architecture that seamlessly integrates with proprietary and third party systems. With high-performance infrastructure, embedded analytics, and flexible deployment options, Bloomberg Broadway helps firms scale globally, adapt quickly, and trade smarter in today's fast-moving markets. The session will conclude with a live Q&A. Themes: Navigating modern challenges in Sell-side trading execution Optimizing trading execution for speed and accuracy

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