subject: Federal Debt Settlement Laws - How New Government Laws Help Consumers Eliminate Debt [print this page] Federal Debt Settlement Laws - How New Government Laws Help Consumers Eliminate Debt
The new federal debt settlement laws have become the center of attention in the present due to their significant contribution towards the field of debt relief. Many consumers have sought shelter through these new laws implemented by the authorities for the well being of the strategy of debt settlement. The new laws by the government have not only helped consumers to achieve a fair deal when it comes to debt settlement but also has eliminated the risks of many fake debt relief strategies.
Stating that the collection of upfront fees from consumers is illegal, the Federal Trade Commission of the United States has planned big time when it comes to debt settlement programs. Through this scheme it has managed to shut down a number of fraudulent debt settlement companies that are responsible in placing the black marks within the field of debt relief.
The new laws also declare that all payments by a consumer should depend on how much relief he obtains through a settlement company. If it is not as expected or less in standard, the consumer is able to reject any payment in such situations. This has become exceptional when it comes to present day debt relief methods.
Furthermore, the most legitimate service providers are being encouraged in a great deal through the new government laws increasing the ability of consumers to receive better deals. They are also able to decide about the legitimate nature of the relief service provider taking into consideration the above stated condition about upfront fees. As only a fake entity will demand upfront payments from consumers and a legitimate one will not, they are able to pick the most suitable strategies of relief.
So, it is actually unnecessary to state that the new government laws on debt relief has only increased consumer hopes of receiving better deals while they have paved the ways of destruction to a number of fraudulent settlement companies. This has of course helped many consumers in eliminating their debts in a considerable manner.
Getting out of debt is not impossible but it will not happen over night. Consumers who are serious about debt relief need to be determined. If you have over $10 k in unsecured debt you should really consider debt settlement. Consumers can expect to realistically eliminate 60% of their unsecured debt with a settlement. To find the best performing debt settlement companies in your state use the following link:
