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Follow on Google News | Credit Debt Negotiation - How New Federal Laws Affect Credit Card Debt Relief ProgramsCredit debt negotiation reached the crescendo of popularity due to several reasons. Discussing them in this article will not be possible because of the limited scope that this article has.
By: FreeDebtReductionHelp.com 1. Regulating the operational behavior of the relief firms. 2. Making settlement far more secured for the consumers than ever before and to protect the consumer rights. The necessity of this was felt when the shady relief firms, with their preying intentions, started targeting the debtor in need of help. Helping these people was nowhere in their agenda but instead, these shady firms took advantage of the helpless situation of the consumers, took money from them in advance and then never turned up with results. The new FTC regulation actually stopped this. The firms were instructed not to collect fees in advance from the consumers and also, they were instructed to eliminate at least 35% of the outstanding that the consumers have by credit debt negotiation. No advance payment of fees means that the settlement firms are required to carry out or bear the expenses related to the credit debt negotiation out of their own pockets. This came down like a thunder strike for the shady firms and they were forced to leave the market after winding up their predatory business. The consumers were also instructed to make sure that they should not pay the firms if they are not satisfied with the deals earned by the negotiators. With the retreat of the scammers, the settlement industry or the credit card debt relief programs became more authentic and trustworthy as only the genuine companies with experience, expertise and financial strength stayed back. This revived the reputation of the industry as well. This is how the new federal laws affect credit card debt relief programs. 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. Free Debt Advice (http://www.FreeDebtReductionHelp.com) Contact us for free debt advice =800-963-3734 End
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