New Debt Settlement Rules - Settling Credit Card Debt Is Now Easier

Now debt ridden consumers are breathing in a relief due to the new debt settlement rules introduced by the Federal Trade Commission

. There were number of fake companies which could not help the consumers to gain a real relief from their overwhelming debts. After a research the Federal Trade Commission realized that due to the bad practices conducts of these companies, debt relief industry was becoming a headache for poor consumers. Therefore in order to help the troubled consumers, they took steps to reform the laws relating to this industry.

Due to the stricter laws enacted, settling credit card debt has now become easier and safer. There were many scam companies working in debt relief service. There only objective was to gain a huge profit not helping the consumers. They display many unbelievable benefits and get the consumers attracted. Then they had a practice of charging of non refundable advance fees. A major problem that the borrowers suffered was they could not recollect the advance they paid in case of an unsuccessful deal. Borrowers faced more financial problems due to this malpractice. And they lost their hopes about the debt relief industry.

In such a situation, Federal Trade Commission enacted the necessary laws to legitimize the field. Through the passage of these new rules, it bans the relief programs from charging advance fees. It gives a great relief for the borrowers. They will only have to pay for a successful negotiation deals. As an indirect result of new debt settlement rules, many fake companies will be wiped out of the field and the consumers will get the chance of obtaining the service of legitimate relief programs. So that the borrowers who owe more than $10000 can now can settle more than 50% of their credit card debt in easier means.

Debt settlement is a viable alternative to bankruptcy and is only intended for consumers that are experiencing a financial hardship and have at least $10k in unsecured debt. To locate legitimate debt settlement companies in your state check out the following link:

New Debt Settlement Rules - Settling Credit Card Debt Is Now Easier

By: Blair Alfred

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