Personal Debt Relief Bailouts - How New Federal Laws Make Unsecured Debt Easier To Settle
More and more people are opting for personal debt relief bailouts in order to live a debt and tension free life.
Being under the burden of debt can really create a lot of difficulties like constant threats and harassment by creditors and even the risk of a potential lawsuit against you.
Since bankruptcy usually has lots of negative consequences that can greatly affect a person's future life, most of the people are avoiding it and are opting for better alternatives to settle their loans especially those supported by the government.
Previously, consumers used to get confused before opting to hire the services of a debt settlement company as there was no guarantee that the firm will provide a successful service as claimed by it or not.
Often, consumers were misled and were cheated by some fake companies that were just working in the market to earn huge profits by charging upfront fee and providing no settlement.
In order to regulate the activities of the settlement industry, the Federal Trade Commission (FTC) had to come up with new rules and regulations.
These rules were purely to discourage the fraudulent companies and encourage consumers to take help from only the legitimate debt relief services and ease the burden of their loans.
By putting a ban on charging the upfront fee from the consumers, the FTC has ensured that the debt settlement companies can no longer take advantage of customers by taking advance money from them without giving any results.
Only once a settlement is reached, the consumer would pay the fee to the settlement company.
Thus, this law is very helpful in throwing out all the deceitful settlement firms from the industry leaving the legal ones behind to help the consumers settle their liabilities in a genuine way.
Thus, getting out of credit card debts, with the help of a legitimate settlement firm, has become much easier for the consumers, owing to the new laws imposed on the settlement industry.
These laws have greatly improved the bad image of the settlement industry and have helped in gaining the confidence of more and more consumers to avail the government's debt relief program and eliminate their liabilities as soon as they can.
Being under the burden of debt can really create a lot of difficulties like constant threats and harassment by creditors and even the risk of a potential lawsuit against you.
Since bankruptcy usually has lots of negative consequences that can greatly affect a person's future life, most of the people are avoiding it and are opting for better alternatives to settle their loans especially those supported by the government.
Previously, consumers used to get confused before opting to hire the services of a debt settlement company as there was no guarantee that the firm will provide a successful service as claimed by it or not.
Often, consumers were misled and were cheated by some fake companies that were just working in the market to earn huge profits by charging upfront fee and providing no settlement.
In order to regulate the activities of the settlement industry, the Federal Trade Commission (FTC) had to come up with new rules and regulations.
These rules were purely to discourage the fraudulent companies and encourage consumers to take help from only the legitimate debt relief services and ease the burden of their loans.
By putting a ban on charging the upfront fee from the consumers, the FTC has ensured that the debt settlement companies can no longer take advantage of customers by taking advance money from them without giving any results.
Only once a settlement is reached, the consumer would pay the fee to the settlement company.
Thus, this law is very helpful in throwing out all the deceitful settlement firms from the industry leaving the legal ones behind to help the consumers settle their liabilities in a genuine way.
Thus, getting out of credit card debts, with the help of a legitimate settlement firm, has become much easier for the consumers, owing to the new laws imposed on the settlement industry.
These laws have greatly improved the bad image of the settlement industry and have helped in gaining the confidence of more and more consumers to avail the government's debt relief program and eliminate their liabilities as soon as they can.
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