Changes in Debt Relief Since the New FTC Rules were Implemented

by San Antonio Attorney

Two years ago, the Federal Trade Commission (FTC) enforced new regulations in the debt relief industry. A number of ruthless debt relief companies have closed down since then. Nowadays, it is no longer hard for people to find and use reliable companies. This is great news since a lot of consumers still seek assistance with debt.

At present, consumers have $864.2 billion in revolving debt, which includes credit card debt. The average citizen owes around $15,500 in credit card debt. Based on new statistics provided by the Federal Reserve, the total amount of household debt of the nation is $11.4 trillion.

Many consumers who have financial hardship turn to debt settlement for help. Last year, the FTC regulations introduced the new regulations for the consumers who needed debt help. Though the rules were made to protect people from dishonest businesses, it is still necessary to comprehend what these rules imply when looking for debt help.

Although the 2010 FTC rules provide better protections to consumers, there are still bad players that remain in the industry. Therefore, it is important for a consumer to ask a credit advocate or debt relief provider as many questions as possible to comprehend the process and verify the legitimacy of the company. Consumers should stay away from impatient debt counselors, promises that sound too good to be true, and high-pressure sales tactics. A good debt relief firm usually has a proven history of getting positive results for their clients.

The good thing is many credit advocates that are operating nowadays are dedicated to spend their resources and effort to assist people in an honest way. Make sure you ask the companies you consult about how they conform to the rules of the FTC and how they can assist you with your debt.

 

– Many consumers who have unpaid credit card bills are being harassed by debt collectors. A San Antonio Attorney can help you stop them and protect your rights under the debt collection laws such as the Fair Debt Collection Practices Act (FDCPA).

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