The Debt Settlement Consumer Protection Act - What the FTC Is Doing To Regulate the Relief Industry

Sept. 28, 2010 - PRLog -- The FTC is now doing several things to help keep loan settlement companies honest. Many Americans have had something happen during the recession and are now in debt. They are now worried about how much money they're making, because they're worried about paying off their bills. If you're finding yourself in that position, you're going to love the new law that the FTC and President Barack Obama set in motion to take place on October 27th 2010.

The law takes place on October 27th 2010 and is all about the new information being passed down to consumers. It is all about protecting those consumers who are in loan deficit. Many individuals now know that they are entitled not to be scammed, but they don't know how to avoid being scammed. They pay upfront for services as requested but don't get the desired results.

Before this law was put in place many relief companies weren't keeping their promises. They were simply calling consumers back after a few weeks and saying the credit card companies wouldn't negotiate. They wouldn't even pick up the phone and call the credit card companies, they would just keep your money. That's why the FTC is now cracking down on those scammers who look to take money out of the pockets of innocent Americans.

The new law changes everything. It changes the fact that they are now able to trust relief agencies again. You can now call them and expect results, as they now have to give you some results. If they do not give you results you are not required to pay. It's as simple as that.

The plastic money companies are also getting bonus money to help individuals negotiate down their credit card debt. They are now getting money every day to help those individuals who are in need of relief. So now individuals have a much, much better chance of helping those individuals when in need.

Individuals in need are simply in luck, finally. No longer will they be forced to declare bankruptcy. They can take action and improve their credit card score well lowering their debt.

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.
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