subject: Obama debt relief plan - how new ftc laws can help you with debt relief [print this page] Obama debt relief plan - how new ftc laws can help you with debt relief
Life without a credit card seems impossible these days. We make most of our expenditures using plastic money. However, most of us forget that we have to pay a large sum in the form of interest. When recession struck the economy of United States, people started to lose their employments, stable businesses started to close down. In other words, every earning mode was negatively affected? The Obama debt relief plan is a helpful option for credit card holders who cannot pay their bills due to financial troubles. When your unpaid amount goes beyond ten thousand US dollars, repayment becomes a very tough goal. With Obama debt relief plan, you can shed sixty to seventy percent of this sum and make your dues more organized.
How is the Federal Trade Commission helping loan takers by changing rules?
The Obama debt relief plans had its bad sides as well when it was introduced for the first time. Let's have a look at them.
1. A lot of illegitimate settlement companies entering the market
2. People were making advance payments and losing hard earned money
3. Loan takers stop trusting on the idea of liability settlement
The new regulations have made Obama debt relief plan more efficient and error less. What kinds of changes have been made by FTC (federal trade commission)?
FTC is helping in filtering out all the fraudulent companies
When you pay someone in advance, a certain dependency is created. Making upfront payments to relief companies is a similar example as well.
According to the new rules, you are not required to make advance payments to a relief firm
You are required to make your payments only when you are satisfied with the progress of the settlement firm.
Initially, all the consultation services are given free of cost
After getting some counseling sessions with a legitimate credit counselor, contact a relief network so that you can get an assurance about the legitimacy of the company. Apart from that, you can also consult TASC (The Association of Settlement Companies). You should have an idea about the services of this association. Most of its services are free. Hence, if your consultant is trying to counterfeit you, you can prevent the financial damage. The companies working with settlement networks offer different kinds of services. Some of them are experienced while the others are relatively new. You can make your selection according to your requirements.
Debt settlement is a legitimate alternative to bankruptcy and can make financial sense for consumers with over $10k in unsecured debt.
