subject: Federal Credit Card Debt Relief Laws - Why It's Now Easier To Get Bailed Out Of Credit Card Debt [print this page] Federal Credit Card Debt Relief Laws - Why It's Now Easier To Get Bailed Out Of Credit Card Debt
New federal credit card debt relief laws were recently passed under the Federal Trade Commission of the United States. These new laws make it much easier for consumers to legally get bailed out of credit card debt through a debt settlement process. This however is not intended for everyone. You must have at least $10,000 in unsecured credit debt and be experiencing a legitimate financial hardship to qualify. But, if you do qualify you can legitimately eliminate over half of your credit card debt.
These new laws effectively prohibit debt settlement companies from collecting upfront fees. Now when consumers enter into such a program they will not have to pay until they see actual results from a successful settlement. This new federal legislation has made the debt relief industry much more legitimate and nearly all the shady companies have been put out of business. They simply cannot survive without collecting upfront fees.
The legitimate debt settlement companies however will stay in business. They will have enough confidence to collect their fees on the back end when they negotiate a successful settlement deal. The companies that have a proven track record in successfully negotiating debt settlement deals will ultimately benefit from this legislation. Consumers don't have to worry about getting ripped off anymore. If they don't perform, you don't pay. Simple as that.
Consumers just looking to get bailed out of credit card debt will not qualify for legitimate debt relief programs. You must be experiencing a legitimate financial hardship and have at least $10,000 in unsecured debt. If you do qualify however, this can be a very good option for debt relief considering the new federal laws that were just passed.
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.
