Debt Relief - How New FTC Rules Can Help You Eliminate Credit Card Debt

''Recession' - this one word has disturbed million of minds

, many have lost their jobs, many experienced cut in their salary. Lack of money and inability to pay has led many people to be a defaulter in paying their credit bills. To make this situation better Government came up with Debt Settlement process which provides debt relief and avoids bankruptcy.

Federal Trade Commission realized the fact that bankruptcy was making the situation worse, so they came up with Debt Settlement Plan. This was necessary as due to more and more bankruptcy increasing cases and an increase in the list of defaulters, Credit providers stopped providing credit to the people which spoiled the money cycle of the economy. So, the Government came up with Debt Settlement Plan to help the defaulters get out of debt which will lead to decline in Bankruptcy cases and will also lay a foundation of stable economy. Debt Settlement Plan is a simple process where anyone whose has a debt more than ten thousand dollars can cut his debt to thirty percent through negation and needs just to pay the settled price.

This Debt Settlement Plan also gave rise to various Professional Companies whose expertise in negation and financial settlement derives a settled amount agreed to be paid as Debt instead of the earlier Debt which was unable to pay for the Defaulter. But, the rise of such Professional Companies has also given a rise in the number of Scams as few of the Companies used to charge an advance in the form of upfront payment from their client and then used to disappear from there. This acted as a strong factor for shifting of defaulters to bankruptcy instead of opting for Debt Settlement Plan because of their loss in the trust of Professional Companies, as the number of scams was at an increasing rate day by day.

So, the Government came up with a new rule to safeguard its defaulters by prohibiting any charges in the form of upfront payment or advance until the service is delivered by these companies. There are also free Companies set up by the Government, which can be easily found on internet. So, the new Federal Trade Commission makes it really simple and easy, also adds an additional element of trust to be out of the debt and ensures that defaulters eliminate Credit Card Debt.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.

Debt Relief - How New FTC Rules Can Help You Eliminate Credit Card Debt

By: jerryarcher

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