subject: Personal Debt Relief Options - Is the Outlook Getting Better For Consumer Debt? [print this page] The outlook for consumer debt is getting better and the personal debt relief options are gaining popularity. This is because of the fact that Federal Trade Commission passed new legislation which aimed at reforming the relief industry. The new legislation will put a ban on the collection of upfront fees by the settlement companies. The companies can only charge their service fee after they have actually settled a debt. This is undoubtedly good news for the consumers and also the debt relief industry as a whole. This will definitely give a better outlook to the relief industry.
This new legislation will go into effect from 27th October. This will throw some of the shady companies out of the market. It was found that the companies used to collect upfront fees from the consumers and then informed them that the negotiation or the settlement process failed. There was no guarantee for the consumers whether they will get relief or not. However, with this new legislation, the companies can collect their service charges only after they actually settle the debts of the consumers. This will definitely mean that only some of the large and reputable companies will be able to survive in the market.
This will also mean that the consumers will have less risk and they can get some genuine help in terms of debt relief. The settlement companies will have to grab some real settlement deals with the creditors to get paid. This new legislation will also mean less competition and good service. The companies which were giving bad reputation to the industry will be thrown out of the market and the settlement industry as a whole will get some good reputation among the American citizens.
There are several ways by which the consumers can get hold of the best and reputed settlement companies. The best thing to do is to get in touch with a reputed debt relief network. A debt relief network has the list of the companies which are TASC certified. These networks also give free consultation! Thus the outlook for the consumer debt is getting better because of the new legislation. Once the legislations are enforced, personal debt relief options will be better options compared to bankruptcy.
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.
Personal Debt Relief Options - Is the Outlook Getting Better For Consumer Debt?
