by Amine Rahal | Aug 26, 2024 | Debt Relief
TurboDebt (www.TurboDebt.com), sometimes also spelled Turbo Debt, is a Debt Relief Company that offers services like Debt Settlement, Debt Relief, Debt Settlement, Credit Counseling, Credit Repair, Debt Consolidation, Debt Management and debt negotiation. TurboDebt aims to help individuals reduce their unsecured debts by negotiating with creditors to settle debts for less than the full amount owed. However, like most companies in the debt relief industry, TurboDebt has mixed reviews and may not be suitable for everyone.
| PS: Are you looking for the #1 Rated Debt Relief & Settlement Company in 2024? See our New Era Debt review. New Era Debt has received the highest number of positive reviews amongst all the 20 companies we researched. |
Company’s Snapshot
- Official Name: TurboDebt, LLC
- Official Website: www.TurboDebt.com
- Phone: (844) 833-9771
- Headquarters: 1643 NW 136th Ave, Building H Sunrise, Florida 33323
- Service Available in: All states except WI, MN,OR, VT, and WV.
- Founder: Joshua A. Stomel
Legitimacy, Ratings & Reviews
TurboDebt is a certified member of the American Association for Debt Resolution (AADR)
- BBB Rating: A+ (maximum)
- Google Reviews: 4.8/5 stars (4,768 reviews)
- BBB Reviews: 4.93/5 stars (1,292 reviews)
- TrustPilot Reviews: 4.9/5 stars (11,190 reviews)
- Facebook Reviews: 4.4/5 stars (44 reviews)
- SoloSuit: 4.8/5 stars (367 reviews)
TurboDebt is definitely a legitimate company, and they seem to have a lot of great reviews, including an A+ rating by the BBB and a 4.9 out of 5 stars rating from TrustPilot. However, it’s essential to do your own research and consider whether debt settlement is the right choice for your financial situation. Debt settlement may not be the best option for everyone, especially if you have alternatives like credit counseling, debt management plans (DMP’s), or the ability to sell assets to pay off your debt.
Services Offered by TurboDebt
Based on our review, these are the services currently offered by TurboDebt:
- DMP: TurboDebt can offer DMP’s (Debt Management Plans) which can help you more easily manage debt.
- Debt Settlement: this service involves negotiating directly with lenders on your behalf to settle your debt for less than what you currently owe.
- Credit Counseling: Get help from a professional who will look at your situation and offer the best possible advice.
- Credit Consolidation: If your credit scores are fair or good, you can qualify to get a lower interest rate debt consolidation loan to consolidate all your debts into a single monthly payment.
- Debt Forgiveness: Total debt forgiveness is very rare, but their counselors may be to help you see if you qualify for partial loan forgiveness.
- Bankruptcy: When you qualify for none of the above, bankruptcy may be the only solution. The good news is that it will wipe out most of your debt. The bad news is that the impact on your credit score will be felt for years.
If you need any more info about these services, we recommend reading the “How to get rid of debt” article from the FTC.
Pros👍:
- Not a Lender: Unlike many other so-called “debt relief companies” that are essentially just lenders, TurboDebt clearly and explicitly states on its website that it is NOT a lender and does NOT issue loans. This is good news from our point of view, since you can rest assured that they won’t try to sell you a high-interest loan to pay off your debt.
- Free Consultation: This is a great starting point if you are unsure of which service is best to lower your debt. They offer various services, and the impact on your credit score varies with each service, so ask them for details about your specific situation and what option is best for you.
- Debt Reduction: TurboDebt can help reduce the overall amount you owe by negotiating with your creditors.
- Debt Counseling: TurboDebt offers a free consultation where they can offer advice based on your specific situation.
- Various Debt Relief Options: If you’re struggling to manage your debt, TurboDebt might provide a viable option for you to get back on track, and the good thing is they offer personalized advice based on each client’s financial situation.
Cons👎:
- Fees: Although they offer free consultations, all debt settlement companies, including TurboDebt, typically charge fees that are a percentage of the debt they help settle. Do your math to see if it makes sense for you.
- Potential Credit Impact: Depending on what service you choose, participating in a debt settlement program can negatively impact your credit score, as it often involves stopping payments to creditors. It is however not as bad and less severe as a bankruptcy or other options.
- Mixed Reviews: Although the reviews are mostly good, some customers report a negative experience with the service, while others have experienced difficulties, including complaints about customer service and outcomes. Do your due diligence.
Debt Types They Can Help With
As listed on their website, TurboDebt can help you with the following types of debt:
- Business Debt: Debt incurred by a business owner to fund or maintain business operations, often including loans, credit lines, or business credit cards.
- Car Debt: Debt resulting from an auto loan taken out to finance the purchase of a vehicle, typically repaid in monthly installments.
- Credit Card Debt: Unsecured debt that accumulates from unpaid balances on credit cards, often carrying high-interest rates.
- Divorce Debt: Debt accumulated during or as a result of divorce proceedings, which can include legal fees, alimony, and the division of shared debts.
- Gambling Debt: Debt arising from money borrowed or credit used to finance gambling activities, often leading to financial strain.
- Medical Debt: Debt incurred from healthcare expenses, such as hospital bills, surgeries, and treatments, that are not covered by insurance.
- Tax Debt: Debt owed to the government due to unpaid taxes, which can include penalties and interest on overdue amounts.
- Veteran Debt: Debt specific to veterans, which can include unpaid benefits, loans, or other financial obligations tied to military service.
- Mortgage Debt: Debt secured by real property through a mortgage loan, typically repaid over a long term, such as 15 or 30 years.
- Retirement Debt: Debt that remains or accumulates during retirement, often from credit cards, loans, or lingering mortgage payments, affecting financial security in retirement.
This review should help you decide whether TurboDebt is right for you. Make sure you read our CuraDebt and Oak View Law Group reviews, are they are also two other legitimate debt relief companies that offer similar services.
Also, make sure you do your due diligence and speak to a financial advisor or credit counseling company to determine the best debt relief option available for your specific situation.
by Amine Rahal | Aug 19, 2024 | Definitions
Credit: CuraDebt.com
CuraDebt (https://www.curadebt.com/) is a debt relief company that has been in business since 1996 (according to their website), making it one of the oldest in the industry. They offer debt settlement and relief services for various types of unsecured debt, including credit card debt, personal loans, medical bills, and tax debt. Based on our review, CuraDebt seems to have generated a lot of positive reviews for its debt relief services, particularly for its ability to help clients reduce their debt significantly through negotiations with creditors.
Who is CuraDebt?
As we said earlier, CuraDebt is a debt settlement company that specializes in negotiating with creditors on behalf of consumers to reduce their overall debt. They work with individuals who are struggling to manage their credit card debt, tax debt, medical bills, or other unsecured debts.
- Headquarters: Hollywood, Florida.
- States Covered: All states EXCEPT: Connecticut, Georgia, Kansas, New Hampshire, South Carolina, Vermont, and West Virginia
- Founded in: 1996 in Irvine.
- Website: https://www.curadebt.com/
- Phone: 1-877-850-3328 Ext. 400
- Services Offered:
- Free Debt Counselling
- Negotiation With Creditors
- Debt settlement
- Tax debt relief
- Debt consolidation (through partner lenders – watch out for the rates if you choose this path!)
- Minimum debt: $5,000
- Minimum Age: Must be at least 21+ years old.
- Income Minimum: No minimum but must have verifiable regular income
Company Legitimacy, Ratings & Reviews
As we covered earlier, this company is operating in the debt settlement space since 1996, which makes it one of the oldest in the industry. In our view, the company’s longevity speaks volumes about its professionalism and customer service.
- BBB Rating: A+ (best)
- Google Reviews: 4.8/5 Stars (266 Reviews)
- Investopedia: 3.9/5 Stars
- Yelp: 4.6/5 Stars
- TrustPilot: 2.3/5 Stars (13 Reviews)
- BankRate: 4.6/5 Stars
- Accreditations:
- Member of the American Association for Debt Resolution (AADR)
- Certified by the International Association of Professional Debt Arbitrators (IAPDA)
CuraDebt BBB
CuraDebt Investopedia Rating
CuraDebt Google Rating
CuraDebt Key Services & Features
- Free Consultation: They provide a free initial consultation to discuss your debt situation and see whether you qualify for their services and what debt relief program is best for you.
- List of Services Offered:
- Debt Settlement
- Debt Relief (Personal and Business)
- Debt Negotiation
- Debt Consolidation Program
- Tax Debt Relief
- Fee structure: No upfront fees; charges a fee only after successful debt settlement. Typically 20% of the settled debt
- Strategy: Utilizes various strategies, such as creditor violations (e.g., FDCPA, TCPA) to negotiate better terms for clients
- Limitations: services are not available in all U.S. states. Fill out the form to see if you qualify.
One of the key advantages of CuraDebt is that it does not charge upfront fees, meaning you only pay once a debt settlement has been successfully negotiated. The company’s fee structure is typically around 20% of the settled debt, which is in line with industry standards. CuraDebt is also known for its ability to identify creditor violations, which can sometimes lead to additional savings or settlements for the client.
However, it’s important to note that debt settlement can negatively impact your credit score, as the process often involves stopping payments to creditors while negotiations are underway. Additionally, CuraDebt’s services are not available in all U.S. states, and there have been some mixed reviews about customer service and transparency.
Customer Support Review
They seem to have a responsive customer support through their live chat feature. In fact, we asked their support team to explain their services briefly, and here is what one of their support agents named Genesis had to say:
“I’m going to explain a bit about our company and how we will assist you with your debt. Since 2000, we have been working nationwide, directly with clients’ creditors, to negotiate savings of 40 to 60 percent. Instead of making individual monthly payments to creditors, we create a plan for you where a portion of your funds is deposited into an account. As this amount accumulates, we negotiate agreements with your creditors on your behalf to eliminate your debt more quickly.
Here’s how it works: We will negotiate with each of your creditors to reduce the total amount you owe. For example, if you owe Capital One $800, and we negotiate it down to $300, you would pay $300 instead of $800. This $300 will come from your monthly payments into the account. Whenever we receive an offer, we will contact you to present it. Once you accept the offer, the money will be sent to the creditor.”
CuraDebt FAQ
What types of debt does CuraDebt handle?
CuraDebt specializes in settling unsecured debts, including credit card debt, personal loans, medical bills, private student loans, and tax debts. The company does not typically handle secured debts like mortgages or auto loans, although you should probably ask them to find out.
2. How does the CuraDebt debt settlement process work?
The process begins with a free consultation to assess your debt situation and see if you qualify for their services. If you enroll, CuraDebt will negotiate with your creditors to reduce the amount you owe. You’ll make monthly deposits into a dedicated savings account, which will be used to settle the negotiated debts. The typical time frame for settlement is 24 to 48 months.
3. Are there any upfront fees?
No, CuraDebt does not charge any upfront fees. You only pay a fee (usually 20% of the settled debt) after a successful settlement is reached and accepted.
4. Will using CuraDebt affect my credit score?
Yes, participating in a debt settlement program can negatively impact your credit score. The process often involves stopping payments to creditors, which can lead to a drop in your credit score. However, the goal is to eventually settle the debts for less than what is owed, which may help improve your financial situation in the long run. Also, note that the impact on your credit score isn’t as bad as a consumer proposal or bankruptcy.
5. How long does the debt settlement process take?
The debt settlement process with CuraDebt typically takes between 24 and 48 months, depending on the amount of debt and how quickly you can accumulate funds in your savings account for settlement.
6. Is CuraDebt available in all U.S. states?
No, CuraDebt’s services are not available in all states. It operates in 26 states and the District of Columbia. If you live in a state where CuraDebt does not operate, you’ll need to look for alternative debt relief options.
7. Does CuraDebt offer tax debt relief?
Yes, CuraDebt offers services to help with tax debt relief. Their team includes tax professionals who can negotiate with the IRS on your behalf to resolve tax debts, penalties, and liens.
8. What are the qualifications to use CuraDebt’s services?
To qualify for CuraDebt’s services, you must have a minimum of $5,000 in unsecured debt, be at least 21 years old, and have verifiable income. There is no maximum debt limit for their services.
9. What should I expect during the free consultation?
During the free consultation, a CuraDebt counselor will review your financial situation and discuss your options for debt relief. They will explain the potential savings, timeline, risks, and fees involved in the process. This consultation helps you decide if debt settlement is the right choice for you.
10. How do I get started with CuraDebt?
To get started, you can visit CuraDebt’s website to request a free savings estimate or call their customer service line. If you decide to enroll, you’ll be assigned a debt counselor who will guide you through the entire settlement process.
by Amine Rahal | Jun 30, 2023 | Definitions, Inflation
In the realm of economics, three terms often crop up in discussions about the health of an economy: inflation, recession, and depression. While they are interconnected in various ways, each term represents a distinct economic phenomenon with different implications for the economy and, by extension, for investors, businesses, and consumers. This article will delve into the definitions of inflation, recession, and depression and explore how they are linked. Let’s start by looking at a comparison table:
|
Inflation |
Recession |
Depression |
| Definition |
General increase in prices. |
Significant decline in economic activity, typically for two quarters or more. |
Severe and prolonged downturn in economic activity. |
| Impact on Economy |
Decreases purchasing power. Can stimulate economic activity when moderate, but leads to instability when too high. |
Results in higher unemployment, decreased consumer spending, and economic slowdown. |
Severe declines in employment and production, often causing significant economic hardship. |
| Common Causes |
Excessive growth in the money supply, demand-pull, or cost-push factors. |
Various, including financial crises, economic bubbles, or external shocks. |
Often a severe or prolonged recession, but can also be caused by a financial crisis or large-scale economic dislocation. |
| Central Bank Response |
May raise interest rates to slow economic activity and curb inflation. |
May lower interest rates and increase government spending to stimulate economic activity. |
Similar to recession, but response typically needs to be larger and more sustained. May involve significant fiscal policy responses as well. |
| Link to Other Two Terms |
High inflation can lead to a recession. Recession can lead to low inflation or deflation. |
Can turn into depression if severe and prolonged. Lower demand during a recession can lead to lower inflation. |
Could lead to deflation due to lower demand. However, policy responses could potentially lead to inflation. |
Inflation
Inflation is the rate at which the general level of prices for goods and services is rising, eroding purchasing power. In other words, as inflation increases, each unit of currency buys fewer goods and services. Inflation is updated monthly.
Moderate inflation is typical in a growing economy and can even stimulate economic activity. However, if it gets out of hand, it can lead to economic instability. The BLS uses the CPI to measure inflation.
The Federal Reserve, like most central banks, aims to control inflation by adjusting interest rates. Lower interest rates encourage spending and investment, which can boost economic activity and, potentially, inflation. Higher interest rates can slow economic activity and curb inflation.
Recession
A recession is typically defined as a significant decline in economic activity spread across the economy, lasting more than a few months. This is often seen in real GDP, real income, employment, industrial production, and wholesale-retail sales. Economists generally agree that two consecutive quarters of negative GDP growth indicate a recession.
Recessions can be caused by various factors, including financial crises, external shocks, and the bursting of economic bubbles. Policymakers often respond to recessions by lowering interest rates and increasing government spending, aiming to stimulate economic activity.
Depression
A depression represents a severe and prolonged downturn in economic activity. It’s more extended and more profound than a recession, characterized by significant declines in output, employment, and trade, often lasting several years. The most notable example is the Great Depression of the 1930s.
Depressions are rare, and economists don’t have a standardized definition like they do for a recession. However, they generally agree that depressions involve a substantial contraction in economic activity that lasts several years.
How Are They Linked?
Inflation, recession, and depression are intertwined in many ways:
- Inflation and Recession: Too much inflation can lead to a recession. When prices rise too quickly (hyperinflation), consumers can struggle to afford goods and services, and businesses can find it challenging to plan for the future. If the central bank tries to combat high inflation by raising interest rates too quickly, it can cool the economy too much and lead to a recession.
- Recession and Inflation: On the flip side, recessions can lead to lower inflation or even deflation (a general decrease in prices). In a recession, demand for goods and services falls, which can lead to lower prices.
- Recession and Depression: If a recession is particularly severe and prolonged, it can turn into a depression. While there’s no strict dividing line, depressions involve higher unemployment, lower output, and more significant declines in standards of living than recessions.
- Inflation and Depression: Inflation rates during a depression can vary. Sometimes, depressions can involve deflation, as demand for goods and services falls and businesses lower prices to try to entice customers. However, economic policy responses to a depression could lead to inflation. For example, if the government responds by increasing the money supply or government spending dramatically, it could eventually lead to increased inflation.
In summary, inflation, recession, and depression are all interconnected elements of economic cycles. By understanding these terms and their relationships, we can better grasp the complexities of economic health and make
FAQ
Q1: What causes inflation? A1: Inflation can be caused by various factors, including excessive growth in the money supply, demand-pull inflation where demand for goods and services outpaces supply, or cost-push inflation where the cost of raw materials or wages increase.
Q2: How can inflation be controlled? A2: Central banks often aim to control inflation by adjusting interest rates. By raising interest rates, central banks can decrease borrowing and spending, thus reducing inflation. Conversely, lowering interest rates can stimulate borrowing and spending, potentially leading to increased inflation.
Q3: What are the signs of a coming recession? A3: Common signs of a coming recession include a decline in the GDP, higher unemployment rates, lower consumer spending, decrease in business profits, and a volatile stock market.
Q4: How can a recession affect the average person? A4: During a recession, people might face job loss or reduced working hours. They may also see the value of their investments decrease, and it could become harder to get credit.
Q5: What’s the difference between a recession and a depression? A5: The main difference between a recession and a depression is the duration and severity of the economic downturn. A recession is a temporary decline in economic activity, typically lasting six months to a year. A depression, on the other hand, is a severe and prolonged economic downturn, often lasting several years.
Q6: How do governments respond to a depression? A6: In a depression, governments may enact expansive fiscal policies, such as increasing government spending, cutting taxes, or both, to stimulate the economy. Central banks may also adopt expansionary monetary policies, such as lowering interest rates or implementing quantitative easing.
Q7: Can a depression lead to inflation? A7: A depression could potentially lead to deflation due to lower demand. However, the economic policy responses to a depression, such as increasing the money supply or government spending, could eventually lead to increased inflation.
Q8: How does a recession affect inflation? A8: A recession typically leads to lower inflation or even deflation. This is because, in a recession, the demand for goods and services falls, which can lead to lower prices. However, the specific impact on inflation can vary depending on the nature and severity of the recession, and the policy responses to it.
Q9: What role do central banks play in managing the economy through these cycles? A9: Central banks play a crucial role in managing the economy through inflation, recession, and depression. They often use tools like interest rates and open market operations to influence the money supply, aiming to stabilize prices and maintain low unemployment rates.
