Credit Card Debt Settlement Act 2010 - How New Laws Make Debt Settlement A Better Option

Online, September 12, 2010 (Newswire.com) - No question about it-in today's economy, many consumers are drowning in debt-often through no fault of their own. Downsizing, layoffs, outsourcing, unexpected medical emergencies, and a host of other issues have forced many to consider bankruptcy. Maybe you have thought about it.

However, bankruptcy has significant consequences. Did you know:

- A bankruptcy can make it hard to obtain credit in the future
- A bankruptcy can hurt your future career opportunities
- You may lose your personal assets
- You will destroy your credit history for at least 7 years probably closer to 10 years
- The personal and social stigma that often accompanies bankruptcy can be devastating

As you can see, bankruptcy is something to never, ever take lightly. There is another debt relief option less damaging to your credit score. Debt settlement.

Debt Settlement simply means reaching an agreement with your creditors to take less money than you owe. It is often in their best interest to do so, since if you declare bankruptcy they will receive nothing. Truly a win/win situation: the debtor pays less than the full amount owed, and the creditor receives something.

But it is not easy to negotiate with several creditors at once. Therefore, a new industry sprung up: Debt Relief Services

Debt Settlement Sharks Used To Prey Upon Desperate People

In the past, many of these Debt Relief Companies promised to consolidate and settle all debts you owed...sometimes for pennies on the dollar. Often, they took an upfront fee-but didn't deliver-didn't even try! The mental anguish and pain this caused their victims is impossible to imagine.

Now, however, things have changed. As of July 28th, 2010, the Federal Trade Commission (FTC) passed the Credit Card Debt Settlement Act of 2010. Simply put, the effect of this law is this: Debt Settlement Companies can no longer collect one penny from you if they don't deliver on their promises-and obtain settlements with your creditors. That's right-no more upfront fees! No fees to the Debt Relief Companies without results! This means debt settlement is a far more attractive option for you.

This is where a Free Debt Relief Network can help. They will make sure the Debt Settlement Company recommended is legitimate, and a member in good standing with The Association Of Settlement Companies and the BBB.

If you have over $10k in unsecured debt, and are suffering legitimate financial troubles, we are happy to discuss your options-FREE of charge and no obligation. Just click the following link:

Free Debt Relief Help

Or call: 877-853-6466