subject: Federal Credit Card Debt Relief - Understanding The New FTC Debt Relief Laws [print this page] Federal Credit Card Debt Relief - Understanding The New FTC Debt Relief Laws
Federal credit card debt relief is the newest trend in the debt field. People are compelled to become debtors due to the bad economy which we use to call the recession. The whole world had been affected by the so called catastrophe and not even the united sates of America could avoid it. America is a prime victim of the recession and the citizens are already loosing their jobs and find it difficult to cope with the needs.
Therefore they go for credit card facilities and then become indebted to one or several credit card companies. Once you are indebted there is no way other than going for a debt relief method since it is impossible to pay it off.
Among the most known debt relief methods, debt settlement has proven it self to be the best and the most effective one. You can eliminate your debt without paying it back in full. There are specifically designed companies for this service, which are called debt settlement companies. They have settlement plans to suit the different requirement of different consumers.
But, when the industry is very much popular and the debtors are so much in to debt settlement, the fraud companies were also created by some parties in order to fulfill their monetary need. They used to get money from the debtors promising a settlement plan but vanish away once the money is on their hand.
To prevent this menace the federal trade commission (FTC) has introduced a method to wipe away such companies. For this purpose they have imposed some new laws and according to them, no settlement company can charge you upfront fees before they settle the debt.
This ensures the fact that only the legitimate and capable companies will survive in the market.
There is no magic bullet to get out of debt. However, debt settlement can be a viable option to eliminate unsecured debt while avoiding bankruptcy. To locate legitimate debt settlement companies in your state for free debt relief help then check out the following link:
