Debt Settlement Is Finally Legitimate! - How New Laws Help You Get Out Of Debt

You must have heard about debt settlement, either if it was from a friend

, from the newspaper or you read about it on the internet, debt settlement is everywhere. The problem with this debt relief option is that it wasn't always very secure and you risk losing money instead of clearing your debt. There were quite a few fake companies on the internet that made for a lot of scams and complaints to be filed at the Better Business Bureau. This wasn't good for the consumers that already had financial difficulties and many lost trust in debt relief options all together but there were companies that did their job and helped consumers get out of debt. The fake companies always seem more appealing because they promise better deals to attract more consumers but what they really do is take upfront fees and don't even bother talking to the creditor about your debt.

The government needed to change this and so new laws were applied to make debt settlement more legitimate. There were a few small ones but the knock out punch came in July when the newest debt settlement was introduced. This clearly states debt settlement companies are forbidden to take any fees in advance from their clients. Now you only have to pay the company once it is done with the negotiations and your debt is cleared as they initially promise. No more paying without knowing what the result may be and no more unnecessary risks.

Now it is safer to hire a settlement company and get a deal of almost 70% less. This is helped by other settlement laws such as stimulus money which is given to the creditors so that they can afford to reduce your debt by such a big percentage. Other benefits also include tax breaks which mean that you don't have to pay taxes for the reduced amount and so clear your debt faster. These new laws make settlement easier to use but also more legitimate and a great number of consumers have already taken advantage of this fact and it is time you do too.

Debt settlement is a legitimate alternative to filing bankruptcy and often makes sense for consumers on the verge of bankruptcy. There are also other debt relief options available so it would be wise to speak with a debt relief specialist to go over your different options.

Debt Settlement Is Finally Legitimate! - How New Laws Help You Get Out Of Debt

By: archerfraizer

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