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SpinDistribute.com Article Directory

The following article was published in our article directory on July 25, 2011.
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How the New Federal Debt Settlement Laws could Help?

Article Category: Finances

Author Name: Lee N

In the United States, the number of citizens swimming in debt has increased for the past years. Debt settlement companies as well as other organizations were able to help some people with their debt problems. Debt relief and settlement companies definitely provide a good solution so many people go to them in desperation. This becomes an opportunity to fraudulent companies that prioritize collecting fees rather than helping their clients. The cases of people who went to a debt settlement company but did not get the appropriate help and lost money due to debt settlement charges has increased in numbers. Fortunately, new federal debt settlement laws were passed on October 27, 2010.

The new federal debt settlement laws are helpful to consumers or people who are in debt and considering going to a debt settlement company. The new laws are passed under the "Debt Settlement Consumer Protection Act," which was introduced by US Senators Chuck Schumer and Claire McCaskill. The new laws on debt settlement has restricted the amount of fees that the companies could charge on their clients. It also bans the request for upfront fees and orders the companies to charge fees only after providing the service. It also requires written disclosure of the debt settlement plan and contract before undertaking any step. The said act also required debt settlement companies to allow their clients to cancel the service and get a full refund within a certain period of time.

People who are looking for assistance in settling their debts can go to debt settlement companies. These companies ask for a fee as well as monthly payment some of which will be forwarded to the debtors. The solution is good and usually renders a reduction of debt by 40 up to 65 per cent.

While some debt settlement companies have helped individuals and businesses settle and pay off their debts, there are companies who have profited from the great demand on debt settlement services but failed to help their clients get out of their biggest problem. With the new debt settlement laws, this kind of situation cannot happen anymore since consumers can take a legal action towards fraudulent debt settlement companies. People can now have a guarantee that debt settlement companies would help them and not worsen their problems.

Additionally, the Debt Settlement Consumer Protection Act of 2010 is also helpful to legitimate debt settlement companies since they can lose some of their competitors. For the past years, shady debt settlement companies are not only a problem to consumers but also to genuine companies since they become a big competition.

With the new debt settlement laws, people who are having trouble paying their debt and opt to get help from debt settlement companies are now safe. They can rest assured that the money they will pay to the debt settlement companies will help in reducing their debts. The new laws on debt settlement definitely helps protect the consumers by reducing the risk of not getting the service that they deserve; the risk of losing money instead of paying off their debts.

Keywords: Debt Settlement,Credit card debt settlement,Debt settlement companies,settling credit card debt,debt settlement laws,credit card sue

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