subject: Debt Relief Programs - How Consumers Will Benefit From New Debt Settlement Regulation [print this page] Debt Relief Programs - How Consumers Will Benefit From New Debt Settlement Regulation
The new Debt Relief act 2010 has becomes talk of the town and for all the right reasons. Those who have credit card debts they should know about it because it is entirely meant for their facilitation and comfort. This is in continuation of some of the other laws that were promulgated in the effort to woo more debtors to settle their debts. The creditors need their money back because they require a constant inflow of money. The economic melt down had a very hard toll on many people lives and especially those who had huge sum of credit card bills to pay. The credit card debts are unsecured debts and they have very high interest rates. Until the complete amount is not paid back to the creditors it keeps on increasing with every passing day. Eventually it reaches to a level where it becomes impossible to pay off. Many debtors starts considering opting for bankruptcy and they get themselves into further trouble as they have to live for a decade with a disqualification for entitlement of any kind of loan.
There are numerous Debt Relief programs that a debtor can choose to settle their debt. Those debtors who have very little cash in hand they are advised to opt for the debt settlement program. According to this program the debtor can get a wavier of up to 60% on the entire debt amount. The debtors often face difficulty in paying off their debts because of the high interest rates. These debtors are advised a program called Debt Consolidation; this program can only be availed by those debtors who have debt amount less than $5K. According this program the debtor lends money from the creditor on very low interest rates and the debtor pay off debt with the higher interest rate. Thus the debtor gets rid off the high interest rate and the creditor is rest assured that the debtor won't file for bankruptcy.
The debtors are always advised to render the services of a Debt Relief firm and let them negotiate on their behalf with the creditor. As they better know how to convince the creditor to grant maximum relaxation. The debtor no longer has to worry about their upfront fee because according to the revised laws the creditor can only charge their customer when the settlement is made.
Debt settlement is a legitimate alternative to filing bankruptcy. Consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate settlement program. With the new FTC laws recently passed in July 2010, debt settlement is a much less risky option. If they don't settle your balance you don't have to pay a dime.
Check out the following link for free help from a certified debt relief specialist:
