Credit Card Debt Relief - How New Laws Make It Easier To Settle Credit Debt

Credit Card Debt Relief - How New Laws Make It Easier To Settle Credit Debt

Settling credit card debt has now become a lot easier because of the new laws and policies taken by the government. On one hand when settlement has become easy and widespread, on the other hand, bankruptcy filing has become a difficult task. But, how has settlement become easier? The new policies taken by the federal government has helped the consumers to open up for debt settlement. According to these new policies, the creditors who agree for settlement deals will have to pay less taxes.

This reduction in tax is because of the fact that the creditors need to pay taxes to the government on the money they earn. Their source of income is the interest earning from the consumers. Once the creditor settle the debts of the consumers, the interest earning is lost and the income falls. To compensate for the same, the government decided to reduce the tax burden for the creditors.

Also, the government allowed the creditors who agree for settlement to use the stimulus cash. Once the creditors agree for settlement deals, they lose a part of their principal money. This money is actually used by the creditors to cover up the costs of the organization. To compensate for that loss, the creditors are allowed to use stimulus cash, which the creditors can use to cover their costs. These policies actually were government aids for the creditors agreeing to settlement. Thus, the creditors started accepting settlement deals easily and thereby making debt settlement far easier that before.

With the new FTC laws recently passed, debt settlement is a legitimate alternative to filing bankruptcy. Creditors are ready to negotiate and now you won't have to pay a fee unless your debts actually settle.

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