Debt Solutions For Credit Card Bills - How The Government Can Help You Eliminate Debt

Oct. 9, 2010 - PRLog -- There are debt solutions for credit card bills. The unsecured debt can be eliminated permanently. Mountains of debt piling up will sink a person financially very quickly. It can build so quickly from month to month that it does becomes impossible to get caught up or even make a dent in the balance. Credit card companies in the past would raise interest rates on consumers for missed payments or over credit limits too. They also raised them when a consumer was no longer using the card or of they saw that a consumer had a higher interest rate on a completely different card. They also liked to add fees for inactivity while a consumer was paying the card off or fees for being over the limit, late or anything else they could think. Much of what the banks did was to ensure that consumers would stay in debt. That there would be no way for them to ever conceivably pay the debt off. This is how they made so much money. They were able to make millions in these charges and interest every year.

While the banks were doing this, there were the scam debt settlement companies that began popping up everywhere. They would claim to do what legitimate debt settlement companies do and that is to lower and eliminate at least 50% of a consumers unsecured debt, negotiate with the creditors, stop the collections and harassment calls and create a repayment plan that the creditors would agree to. However, these companies asked for all fees to be paid up front by the consumers before any work would be started on their case. After receiving payment, no work would be completed and the consumer was in an even larger financial mess than before and out even more money.

However, debt solutions for credit card bills that are available now are legitimate and work to actually help consumers. The government has helped consumers begin eliminating debt, by creating new federal credit card debt relief laws that ensure that scam companies can no longer exist and that banks and credit card companies accept debt settlement agreements and work to get consumers out of debt. The government realized what was happening to consumers with their credit card companies and the scam agencies. Mainly because there has been such a spike in bankruptcies, since this was the only option left for many consumers after everything that had happened to them.

The government debt solutions for credit card bill laws state that no company can take any fees from a consumer until there has been a debt settlement agreement signed by both the banks and the consumer. Companies that are not legitimate and do no actual work are out of business because they only actually collect fees and ripe people off. The legitimate companies are now left to actually help people and settle debt with the creditors. Also, the new laws state that banks have to begin accepting dent settlements instead of trying to seek more money from the consumer. In a settlement they receive something, in a bankruptcy they receive nothing. It is better for the banks, the consumers and the economy as well.

With the new FTC laws recently passed, debt settlement is a legitimate alternative to filing bankruptcy. Creditors are ready to negotiate and now you won't have to pay a fee unless your debts actually settle. Check out the following link to locate legitimate debt relief companies in your state for free help.

Free Debt Advice
(http://www.DisputeDebts.com)
Contact us for free debt advice = 8886916918