subject: Government Debt Relief Help - What is Obama's Debt Relief For Consumers? [print this page] Government debt relief help came as a blessing for the consumers. Looking from the end of the consumers, there was no such direct help like financial support or anything else. Government came out with new debt settlement laws and this has helped the consumers to be on the safe side. The federal Trade Commission issued new legislations on July 29th. According to this new legislation, the debt settlement companies are not allowed to collect upfront fees from the consumers without actually settling the debts. This means that the companies will be able to get their fees only after they successfully settle the debts of the consumers. This will mean reduced risk for the consumers and improvement of reputation for the settlement industry as a whole.
This is what is known as Obama's debt relief for the consumers. With this new legislation is place, the shady and fraud companies will be forced to move out of the market. They will no longer be able to survive. Only the large and reputable companies which have a solid financial backup will be able to sustain in the market. These reputed companies will first settle the debts of the consumers by negotiating with the creditors and then they will charge the consumers with their service fee.
The reason for this Obama's debt relief legislation is that, the settlement companies used to collect advance fees from the consumers and then got back to consumers stating that the negotiations with the creditors failed. Thus, the consumers paid for nothing! This was actually done by the shady and fraud companies which were not certified by TASC. It is because of this reason that the settlement industry also earned a bad reputation.
Thus, the government debt relief help in terms of the new legislations helped the consumers to stay in a low risk domain where only the reputed companies serve the platter. The competition remains less and the quality of services remains high! This relief help from the govt. has helped many consumers to get out of the financial troubles!
Debt settlement is a viable option to filing bankruptcy and is becoming increasingly popular amongst Americans with over $10k in unsecured debt. Creditors are ready to negotiate. You can literally eliminate 50% of your unsecured debt with a settlement.
Government Debt Relief Help - What is Obama's Debt Relief For Consumers?
