New Credit Card Debt Relief Laws – Why Legitimate Debt Settlement Companies Embrace The New Laws
On July 28th 2010, new credit card debt relief laws were passed by the Federal Trade Commission which put a ban on debt settlement companies from collecting upfront fees. For nearly 5 years this industry has been unregulated and unfortunately many shady companies took full advantage of this. They would simply collect fees and provide no real service. Well those days are over. Debt settlement companies now must live up to their promises and settle the consumers debt or they don’t get paid. Indeed these laws make the debt settlement process a much more legitimate option for consumers in credit card debt.
These new credit card debt relief laws are bad news for the shady debt relief services however the legitimate debt settlement companies are embracing this legislation. Companies that have been successful in negotiating debt settlement deals will have enough confidence to collect their fee on the back end. The debt settlement process does work when done correctly and the legitimate companies know this and will continue to negotiate on behalf of the consumer. If your considering debt settlement it would be wise to use a site like FreeDebtReductionHelp.com. They will go over all your debt relief options and provide free help to locate the top performing companies in your state.
Making debt settlement a performance based industry has taken much of the inherent risk off of the back of the consumer and transferred it to the debt relief company. If the debt settlement company doesn’t reach a successful settlement then the consumer shouldn’t have to pay a dime. Sounds fair enough.
The easiest way to locate legitimate debt settlement companies is to use a free debt relief network. These networks will ensure that the debt settlement company you are provided is legitimate and is a respected member of all the regulatory commissions such as The Association Of Settlement Companies and the BBB. Most free debt relief networks will provide a free debt consultation to help the consumer determine what debt relief option is most appropriate. There is no magic bullet to get out of debt however debt settlement can a good option for consumers who are experiencing financial hardship and have at least $10k in unsecured debts.
To locate legitimate debt settlement companies through a free debt relief network check out the following link:
- Contact Information
- Michael Smith
- United Debt Associates
- Contact via E-mail
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