Credit Card Debt Relief - How New Laws Can Benefit Consumers In Credit Card Debt

Recently there have been new laws passed by the Federal Trade Commission to regulate the practices of debt relief companies

. These laws were initiated due to the growing number of consumer complaints against deceptive debt settlement companies. In the past these debt settlement companies were collecting a non-refundable upfront fee for their services with no guarantee that their debt would be settled. The main objective of these laws is to ban debt settlement companies from collecting these fees upfront. These new laws are now holding the debt relief companies accountable for their actions; basically they do not get paid if they do not perform.

Consumers having more than $10k in unsecured debt are eligible for debt settlement, which is a great alternative to filing bankruptcy. The new regulation amended by Mr. Obama has promoted different types of debt relief programs, one of them being debt consolidation. All of these programs have one thing in common and that is to overcome outstanding liabilities. In speaking with a credit counselor, he/she will be able to put together a debt management plan with your perspective creditors and that is when you'll agree to make periodic payments to creditors in return for your creditors agreeing not to take any further action against you. This is known as the process of debt consolidation.

One thing that consumers need to realize is that debt consolidation can be effective if we act accordingly, meaning that we need to hold ourselves accountable and start saving money (if at all possible) to prevent the rebuilding of this debt. A couple tips are to establish and maintain a budget, do not carry a credit card balance for more than six months, and do your best to pay at least 25% of your credit card balance per month.

Try to make bankruptcy the last line of defense in eliminating debt. Spend some time researching debt relief companies in your area, as well looking into credit counseling. Take advantage of a debt relief network, they will consult you for free.

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Credit Card Debt Relief - How New Laws Can Benefit Consumers In Credit Card Debt

Recently there have been new laws passed by the Federal Trade Commission to regulate the practices of debt relief companies

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