Federal Credit Debt Settlement Act 2010 - How New Laws Make Debt Settlement A Better Option
The Federal Credit Card Debt Settlement Act 2010 was recently passed and now consumers in credit card debt have a legitimate option for debt relief. Now if debt settlement companies can't get you a successful settlement deal, you don't pay a dime.
Online, November 10, 2010 (Newswire.com) - Consumers seeking credit card debt relief just caught a big break by the federal government. The Federal Credit Card Debt Settlement Act 2010 was recently passed and now consumers in credit card debt have a legitimate option for debt relief. Now, if debt settlement companies can't get you a successful settlement deal, you don't pay a dime. Simple as that.
Debt settlement is not meant for everybody. Just cause you would like to eliminated up to 60% of your unsecured debt does not mean you will qualify for a debt settlement . You must be experiencing a legitimate financial hardship and have at least $10,000 in unsecured debt. This is seen as a legitimate alternative to filing bankruptcy and thanks to the new laws it has become an even better alternative.
Creditors of unsecured debt are ready to make deals. Coming off one of the worst recessions since the Great Depression there are more consumers in credit card debt than ever before. Many consumers simply cannot afford to pay their credit card bills and when faced between paying the electric bill or paying the credit card bill the former will prevail 100% of the time.
For consumers and small businesses that are struggling to pay their credit card bills, debt settlement could be an effective way to reduce your debt and build your savings. The new federal credit card debt relief laws have taken much of the risk out of the hands of the consumer. Only the Legitimate Debt Settlement Companies are left now. The shady services have been put out of business. If they can't settle your debt for at least 60% of the balance then you won't have to pay a dime.
Debt settlement is not the only debt relief option but thanks to the new federal laws it be be the most cost effective now. Still, it would be wise to speak with a debt relief specialist that can go over all your options for free.
Check out the following link for free debt help from a certified debt relief specialist:
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Tags: credit card debt relief, debt relief, debt settlement, federal credit card debt relief, unsecured debt
