Debt Settlement Industry Warns Against Non-Professionals Tackling Debt Settlement

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TASC responds to ABC News segment.

We are always on the side of success, but generally it's actually quite difficult for individuals to settle debt with multiple creditors since each creditor is only interested in collecting the individual debt owed to them

The Association of Settlement Companies (TASC), the non-profit watchdog for the debt settlement industry, viewed a July 20 ABC News report with mixed emotions as the subjects of that report independently rectified their significant credit card debt.

TASC, which seeks to protect consumers, does not want those struggling with similar unsecured debt to be misled into thinking that the method of debt settlement presented in the report is typical, practical or, in many cases, successful.

"We are always on the side of success, but generally it's actually quite difficult for individuals to settle debt with multiple creditors since each creditor is only interested in collecting the individual debt owed to them," Chris Kesterson, President of TASC, said. "We want the consumers to come out of this process in better financial shape, not worse."

An accredited debt settlement company, such as those listed on http://www.tascsite.org, will have well-trained, experienced professionals who have built working relationships with many major creditors. Their goal is to help consumers obtain a global settlement with their creditors.

About The Association of Settlement Companies
The Association of Settlement Companies (TASC) promotes fair business practices, consumer protection and industry standards for the debt settlement industry. TASC, founded in 2005, serves to protect consumers through an organization seal that represents best practices and standards of reputable companies. The organization also protects its member companies through lobbying efforts at the state and national levels, as well as awareness initiatives to educate consumers on debt settlement as a financial solution. All TASC member companies pledge compliance to strict association bylaws governing business practices and ethics. For more information, visit tascsite.org.    

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Ann Marie French
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