Hacker News Reader

Comment by hnal943 | Hacker News Reader

Completely agree. It made me cringe to read that the founders are already "credit councilors." It's possible that they could have the debtor's interests in mind, but unlikely given the state of that industry.

The best advice I have found is from Dave Ramsey. http://www.daveramsey.com

View on HN

I would agree with you here, and I hope you will judge us on our product rather than the "state of the industry" One HUGE difference between ourselves and credit counselors is that we don't get any sort of pay out from creditors, our clients are the only ones we have a responsibility to, whereas credit counselors, even non-profits, take what's called a "fair-share" fee from creditors, which is basically a % "donation" based on how much the credit counselor collects. We believe this aligns our incentives a lot closer to our customers!

For what it's worth, businesses that fix incentive alignment problems fall firmly into the "things I want to see more of" category. CarWoo is a good example, I hope you guys blow it out of the park.

Dave Ramsey's books (audiobooks, in my case: I downloaded the Total Money Makeover [ http://www.audible.com/pd?asin=B002UUKIR8 ] with an audible credit when Merlin Mann mentioned [but did not endorse!] Dave by pointing out that he will not accept credit cards for payment on his website since he does not think anyone should have or use a credit card [ever]) are what enabled/motivated me to finally get out of debt and save up enough money to start Falcon Empire.

Apologies for the multiple run-on sentence.

Reply on news.ycombinator.com