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Credit Card Debt Settlement Act 2010 – Making Debt Relief More Affordable For Consumers
Credit Card Debt Settlement Act 2010 – Making Debt Relief More Affordable For Consumers
Credit card debt continues to be a major problem amongst American consumers and small businesses. For nearly 2 decades, credit card companies have been issuing almost unlimited credit to the American public.
Ohia,
OH,
United States of America
(prbd.net)
16/10/2010
"Credit card debt continues to be a major problem amongst American consumers and small businesses. For nearly 2 decades, credit card companies have been issuing almost unlimited credit to the American public."
October 15, 2010 - Credit card debt continues to be a major problem amongst American consumers and small businesses. For nearly 2 decades, credit card companies have been issuing almost unlimited credit to the American public. As a result of this irresponsible lending, there are more consumers deeply in credit card debt than ever before. In response to the high demand for debt relief, the FTC recently passed the Credit Card Debt Settlement Act 2010.
Up till July 28th 2010, entering into a debt settlement program used was a very risky decision for consumers. However the new FTC legislation has made the debt settlement process much more legitimate. Now consumers who enter into a debt settlement program won’t have to pay a dime until their debts actually settle.
Making the debt settlement industry a performance based service gives consumers and small businesses a legitimate option to settle their debts for less. The average debt settlement in 2009 was negotiated for 50% of the actual balance. Results vary case by case but most consumers can expect to eliminate around 50% of their unsecured debt with the help of a legitimate debt settlement company.
Consumers are not the only ones with financial struggles. Credit card companies are also feeling the pain. Delinquent accounts are rising at unprecedented levels and many consumers simply cannot afford to pay back their credit card debt. Credit card companies and other creditors of unsecured debt know that if consumers were to file bankruptcy they would likely receive none of their money back. Knowing that there are a significant amount of Americans on the verge of bankruptcy, creditors are making more debt settlement deals than ever before.
Only consumers that have at least $10k in unsecured debt and are experiencing a legitimate financial hardship will be able to qualify for a credit card debt settlement program. Considering these new laws, the process itself is far less risky for the consumer and should be at least attempted before filing bankruptcy. Bankruptcy should always be the last option.
Debt settlement is not the only debt relief option. There’s also credit counseling, debt consolidation, or even bankruptcy if that’s the best option. It would be wise to speak with a debt relief specialist that can go over all your debt relief options for free.
Check out the following link to speak with a debt relief specialist that will go over all your options for free.
United Debt Associates
425 N Front St.
Columbus OH 43215
USA
Phone: 877-853-6466