New Federal Debt Relief Laws - How The New FTC Debt Relief Laws Can Help You

New Federal Debt Relief Laws - How The New FTC Debt Relief Laws Can Help You

We all know that the recession has affected the financial lives of a massive number of people from all over the world. Due to this very reason, a large number of people have opted for the settlement programs. It has also been observed that the popularity of these programs has also been increased especially after the recession took its stroll.

The Government with the help of the federal trade commission commonly known as FTC introduced new federal debt relief laws which were designed in such a way so that the debt stricken people can get maximum advantages.

Basically, these laws were designed to help people in getting their financial lives back on track. Initially, they stopped the unfair practices of fraudulent companies which were charging high upfront fees from their customers in advance. After charging their fees, they used to inform their customers that the settlement process has fallen down and creditors are demanding full payments.

The new laws introduced by the FTC bound all the settlement companies to offer their services before collecting any type of charges from their customers. This means that such companies will not be able to get any type of money from their customers because the laws bound them to serve their customers first. Moreover, people are only supposed to pay the companies when the professional financial experts carry out a successful settlement program. These laws also bounds people to use the settlement program for at least 6 months before opting for bankruptcy.

Basically, as we all know that the laws were introduced with the help of the Government and FTC so automatically; they will solve the issues of a lot of people who have common problems. These laws also give 6 months to a person to repay his loan without any interest as well. All of these laws and things have helped people on a massive scale and they are surely created with a view to help the debt stricken people through all possible means.

If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals. To find legitimate debt reduction help in your state and get free debt advice then check out the following link.

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