Federal Credit Card Debt Relief - How New FTC Laws Make Debt Settlement A Legitimate Option
Thanks to new federal credit card debt relief laws, debt settlement has become a legitimate and far less risky option for consumers seeking debt relief. This new legislation effectively bans debt settlement companies from collecting upfront fees so now consumers wonít have to pay a dime until their debts actually settle.
Before October 27th 2010, when this federal credit card debt relief legislation was passed, it was far too easy for consumers to get ripped off. Many shady debt settlement companies took advantage of the unregulated industry and would charge large upfront fees without actually negotiating. Many of these shady companies would promise to cut their clients debt in half yet in reality they would just sit back and collect their fees. This is not possible anymore. They donít perform, consumers donít pay.
This federal credit card debt relief legislation has put all the shady debt relief services out of business. They simply cannot survive with the new laws in place. There are however several legitimate debt settlement companies in business. The companies with a proven track record of negotiating successful debt settlement deals will have no problem collecting their fees on the back end when the debts actually settle.
The key is finding a legitimate debt settlement company. This is a little easier than it used to be seeing as how most the shady services have already closed their door. Still it is a good idea to visit a free debt relief network. They will pair individuals up only with legitimate and proven debt relief services. They will also provide free consultations to guide them in the right direction on what debt relief option makes the most financial sense for them. FreeDebtReductionHelp.com is one of the biggest and most legitimate debt relief networks on the marketplace.
Debt settlement is not the only debt relief option however it might have become the cheapest option seeing as how individuals wonít have to pay a dime until their debts actually settle. Still, it would be wise to speak with a debt relief specialist to go over all their options for free.
To get free debt help from a certified debt relief specialist, visit:
- Contact Information
- Michael Smith
- United Debt Associates
- Contact via E-mail
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