New Debt Relief Options - How New Laws Are Helping Consumer Credit Card Debt Relief

The new debt relief options were devised by the Federal Trade Commission in July

, 2010. These new debt relief options were implemented under a promise made by the Obama when he became a president. These new debt relief options are devised for the benefit of the creditor and the debtor. In the beginning, when these laws were implemented, many companies opposed these new laws, as these companies had a perception that these companies are only working for the benefit of the debtor.

There were many fraud and scam settlement companies before the implementation of these new laws which were asking consumers for the advance payment and use to hide away after grabbing money. These shady companies were just working for their own benefit without providing any services in return. These new laws are devised to shut down the companies which are harming consumers.

The legitimate companies have appreciated these new laws. These new laws enable consumer to settle the debt by reducing it to almost 60 to 70 percent with the help of debt Settlement Company. These settlement companies are not allowed to charge any upfront fee on the consumer outstanding balance and other liabilities. These debt settlement companies cannot only charge the fee until the debt of the consumer gets settled.

These new laws have minimizes the risk of the consumers which they were facing from the past some years. The consumers have the right of not paying the money under these new laws if the company is unable to settle the debt. These new laws gave a new path to the consumers by means of legitimate rules and regulations.

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. To locate legitimate debt settlement companies in your state check out the following link:

New Debt Relief Options - How New Laws Are Helping Consumer Credit Card Debt Relief

By: Brendon Calvert

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