subject: Getting Out Of Credit Card Debt - How To Capitalize On New Federal Credit Card Debt Relief Laws [print this page] Getting Out Of Credit Card Debt - How To Capitalize On New Federal Credit Card Debt Relief Laws
Getting out of credit card debt can be a never ending battle. For consumers paying the minimum payment it can take nearly a lifetime paying their balances back and when they do pay it back it's for nearly 4 times the original charges. High interest rates can make paying back credit card debt a nightmare. Thankfully new federal laws were passed that make credit card debt relief a real possibility.
On October 27 2010, new federal credit card debt relief laws officially went into place. Now when consumers enter into debt settlement programs they will not have to pay upfront fees. These companies now must negotiate a successful debt settlement deal in order to get paid. Making the debt settlement industry a performance based service has made it far less risky and more financially advantageous for consumers to settle credit card debt.
Only consumers and small business going through a legitimate financial hardship and that have at least $10,000 in unsecured debt will be able to qualify for most settlement programs. If you do qualify though, considering these new laws, debt settlement can be a legitimate way to eliminate 40-60% of your unsecured debt while avoiding most the negative consequences of filing bankruptcy.
Getting out of credit card debt is never easy but thanks to the bad economy creditors are having no choice but to make settlement deals. There are more consumers on the verge of bankruptcy than ever before therefore the creditors really have no choice but to negotiate with you. Remember if you file and get accepted for a bankruptcy the creditors get nothing so it's in their best financial interest to make a deal with you.
Getting out of debt through a debt settlement process is currently very popular but you need to know where to locate the best performing programs in order to get the best deals. To compare debt settlement companies it would be wise to visit a free debt relief network which will locate the best performing companies in your area for free.
