New Credit Debt Settlement Laws - How New Legislation Makes Debt Settlement A Better Alternative Than Bankruptcy

New Credit Debt Settlement Laws - How New Legislation Makes Debt Settlement A Better Alternative Than Bankruptcy "The introduction of new credit debt settlement laws has made debt settlement programs a far superior alternative to declaring bankruptcy. Consumers seeking debt relief are significantly better protected by the new federal laws. If the debt settlement company is unable to negotiate a settlement agreement that reduces your balance by at least 35%, you will not be required to pay anything.Getting out of credit card debt is never simple, and regrettably, many shady debt relief companies took advantage of Americans in need of credit card assistance. These businesses have flourished since 2005, when new bankruptcy laws were enacted, making bankruptcy less alluring. Despite the fact that many debt settlement companies were legitimate and ethical, the majority were unscrupulous and deceptive. With these new laws, it is safe to state that all of those shady businesses have been put out of business.Only legitimate businesses remain. Those businesses with a demonstrated track record and a willingness to collect their fee when the debt actually settles will remain in business. They are aware that the settlement procedure is effective when carried out correctly by the right company. In 2009 alone, debt negotiation agencies settled over $1 billion in unsecured debt.Considering these new laws, a debt settlement program may make financial sense if you have over $10,000 in unsecured debt and are experiencing a legitimate financial hardship. If they cannot effectively negotiate a deal that eliminates at least 35% of your unsecured debt, you should not be required to pay anything.
" - https://www.affordablecebu.com/