subject: New Debt Settlement Rules - How the FTC Is Saving Consumers Money on Debt Relief [print this page] Settling the debt in a legitimate way and deriving various benefits from new Debt Settlement Rules is what the Federal Trade Commission is making sure at this point of time, as it has proved to be a good way to clear the burden of Debt and lead the normal routine life. But, expense is what bothers most of us for the entire process of Debt relief as hiring the services of a Professional Company for deriving the best results is quite expensive.
The Government has also entered into this process of financial Settlement and making sure that people can afford it and the need for affordability led the Government to issue new laws on Debt Settlement Rules. Law not only makes the process more legitimate but also take necessary steps that it remains user friendly for consumers. Many free Companies can also be found on Debt Settlement and the expenses in the form of Professional fees can be saved upon.
Understanding the need for the consumers who cannot afford Professional fees to be paid on undertaking the process for financial Settlement, the Government stepped in by setting up various Companies who do not charge anything from the consumer and are free of cost. Such Companies can easily be found on Internet. Also, special privileges are granted by the Government to those consumers who avoid Bankruptcy and opt for Debt Settlement, such as tax breaks which mean huge tax reliefs for the reduced amount of Debt.
Various Debt Providers and Credit Card Providers also derive benefit from financial settlement as stimulus money is provided to them if they agree to settle the debts of their clients. This is beneficial for them as in case of Bankruptcy they are getting nothing but whereas on the other hand in the case of a Settlement they are receiving stimulus money. Also, the Companies are not allowed to take any fees in advance until the settlement of the Debt Settlement Process and settling on the debt as per the new Settlement Rules and this accounts in decline in the number of scams in the case of a Settlement.
Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement.
New Debt Settlement Rules - How the FTC Is Saving Consumers Money on Debt Relief
