Obama's Credit Card Debt Relief - How New Federal Laws Make Debt Settlement A Better Option
There has been a lot of talk about Obama's credit card debt relief bills and what it means for consumers in debt. Here will will separate fact from fiction and let consumers know how to capitalize on new federal debt relief laws.
Online, November 8, 2010 (Newswire.com) - New federal laws recently passed under the Obama administration have made credit card debt relief much easier to attain. The new legislation passed by the FTC provides more protection for consumers that enter into a debt settlement program. Now consumers are small business seeking a debt settlement deal will not have to pay a dime until their debts are successfully settled. This legislation has completely transferred the risk from the consumer to the debt settlement company and made it a much more legitimate option to get financial debt relief.
The problem in the past with debt settlement companies is that there was no accountability. Many shady companies arose and took advantage of this unregulated industry. They would promise to eliminate half of the consumers' debt balance but in reality they were only in business to collect their upfront fees. As a result many consumers were ripped off. This is not possible anymore.
Only the legitimate debt settlement companies will survive this legislation. They will have enough confidence to collect their fee on the back end when they negotiate a successful settlement deal. Those companies with a proven track record of making debt settlement deals will ultimately benefit from this legislation. The industry will have a better reputation and they will get more business.
If you are over $10,000 in unsecured debt and are experiencing a legitimate financial hardship it would be wise to look into a debt settlement. The new credit card debt relief laws passed under the Obama administration have made this the ideal time to try and significantly reduce your debt.
Debt settlement is not the only option for credit card debt relief. There is also credit counseling, debt consolidation, and even bankruptcy. It would be wise to speak with a Debt Relief Specialist that can go over all your options for free and help determine what option makes the most financial sense for your situation.
Check out the following link for free debt help from a licensed debt relief specialist.
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Tags: bankruptcy, credit card debt relief, debt relief, debt relief options, debt settlement, unsecured debt
