subject: Credit debt relief programs - how the new federal debt relief act effects you? part 2 [print this page] Credit debt relief programs - how the new federal debt relief act effects you? part 2
Every wise man tries to comprehend new changes in order to align him with the rapidly changing environment. Similarly, if you are a credit card debtor and you are seeking to avail debt relief programs, then you are required to understand or more precisely comprehend the new federal debt relief act because it is bringing new hopes for you.
You need to know that the federal government is enacting this act in your wider interest because the debt settlement companies were losing their track and were focusing on their own objectives i.e. profit multiplication through whatever means they seem deems fit. For this purpose, they were exploiting and compromising the interest of their clients i.e. borrowers and were deceiving them up to some extent.
Their act of deception resides in their ability to charge their clients heavily in advance and then not show or produce satisfactory results. Now they cannot follow such track anymore because new federal debt relief laws are closing the gates of such practices as they are harming debtors very fiercely and are leading them towards nowhere except bankruptcy.
According to the new the federal debt relief laws, you are not liable to pay advance fees to your hired debt settlement company. You have to do this if you are satisfied with the overall performance and if it successfully settles your debts.
These new laws are also binding creditors for bringing transparency in their practices. Now they cannot revise the interest rates and the schedule of charges unless they inform you 45 days before the implementation. Moreover, you have a right whether to accept or reject such revision if you are uninterruptedly paying your dues form the last six months.
There is no doubt that the new federal debt relief laws are a blessing for debtors as they are providing them ample space to survive and get rid of their massive unbearable liabilities in a very short span of time without facing any deception.
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.
