New Debt Relief Laws - Why Debt Settlement Is More Affordable Now

New Debt Relief Laws - Why Debt Settlement Is More Affordable Now

The debt settlement industry is becoming more and more eminent among the debt ridden US consumers. The main reason for its prominence lies on the fact that under this program you can eliminate minimum amount of 50% or more than that. It is a relief provided by the government to prompt people more into the direction of debt settlement programs. Additionally, in a roundabout way it helps the creditors to maintain their good standing in the economic sector.

Due to the batch of laws published by the Federal Trade Commission, the consumer protection bureau of US government, debt clearance industry has been made easier and more affordable for the consumers. Imagine the position of the debt ridden consumers who want to settle their debts through a debt clearance program, but do not have money to pay an upfront fee? Thanks to new F.T.C laws, the debt reduction companies are prohibited from charging an upfront fee or a service fee before they complete the program. The service charges of the debt reduction companies are usually 15% of your debt. Therefore, you do not have to worry! If a company insists that you pay a portion of money or so, you can either steer away from that path or report the company to the F.T.C. This measure therefore makes this service affordable to many consumers and at the same time up keeps the legitimacy of this industry.

Apart from the above measure, another law assists the consumers to try this program easily. The US government has stopped charging taxes on the amount the consumers could secure as an income. For example, if you have $10 000 in debt, you will minimally get a 50% discount under a debt clearance program. The eliminated 50% is considered as an income on the part of the consumers. Even though the government introduced taxes on them, the recent laws allow the consumers to keep it for their own benefit. It helps the consumers to pay off their monthly payments in a regular basis.

Finding legitimate debt settlement companies is very important. Unfortunately there are predatory debt settlement companies on the market so consumers need to know how to find legitimate services. To locate the top performing debt settlement companies in your state check out the following link:

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