Can washed-up, B-list celebrities really help you extinguish credit card debt? That's what some marketers would have you believe.
The flood of new ads for debt settlement are of such poor taste and quality that the settlement industry is sinking under the weight of consumer backlash and negative press, this according to James Douglas Morrison, creative director for New Wave DR (http://newwavedr.blogspot.com/
“It’s a shame,” says Morrison, who has helped pen some of this decade's most successful direct response ads. “There are some very good settlement companies that offer needed help to debt stricken consumers, but these few ‘good apples’ are being spoiled by fly-by-night firms that use, in my opinion, unfair advertising practices and create ugly, mean-spirited commercials that consumers find distasteful and dishonest. The more these cheap ads hit the airwaves, the less consumers are willing to consider debt settlement… in fear of being ripped off, I suppose. Unfortunately, consumers who could find financial relief from harassing creditors are skeptical and miss the opportunity.”
According to Morrison, this type of old-style direct marketing hearkens back to sleazy diet pill ads and fast-talking Japanese knife salesmen. “The bad old days, I call them,” says Morrison. “Sure, you can use a little over the top shtick to sell kitchen gadgets, but when it comes to a family’s finances, it’s morally wrong to tease desperate people with outlandish promises. By running ads that are dishonest and false on their face, you chase away consumers that could be helped by a real debt relief plan.”
Some debt settlement marketers play by the rules, Morrison explained, but they are having a hard time finding an audience among the screamers, shouters and jingoists that think a quick catch phrase is all that’s needed to sell to desperate consumers.
“What most people don’t realize is that many of the ads, particularly the ones with waving flags and pictures of the White House in the background, are made by marketers who have nothing to do with actual debt settlement. These guys set up phone banks to take the calls, then sell your name and number to the highest bidder. There’s no guarantee that consumers are getting legitimate, attorney-driven debt settlement. Their personal information could just as easily be shuffled to a ‘mom and pop’ company that can’t protect consumer rights and has little or no experience settling debt.”
Morrison continues: “If it’s me, I look for ads from attorneys, not marketers or silly sounding organizations that call themselves 'Get Out of Debt USA' or something like that. Creditors have attorneys on their side, often to frighten you. Why, then, shouldn’t you have legal assistance to level the playing field? That's common sense. But in any case, if there are outrageous up-front fees to settle your debt or if some ditsy blond or aging athlete is promising miraculous results, I would definitely run the other way.”
With so much recent bad press and politicians threatening legislation, this cheap advertising from greedy marketers is encouraging some in government to propose an end to all debt settlement. That might please a few creditors (who want to collect every cent), but it would adversely affect many debt-ridden consumers who need the help that real debt settlement companies can offer. Plus, the number of bankruptcies could rise if the debt settlement option is taken off the table.
