Credit Card Debt Relief Act 2010 - Ho...

Credit Card Debt Relief Act 2010 - How New FTC Laws Effect Debt Settlement Programs

There are 4 comments on the story from Nov 30, 2010, titled Credit Card Debt Relief Act 2010 - How New FTC Laws Effect Debt Settlement Programs. In it, reports that:

The Credit Card Debt Relief Act 2010 makes it much easier and less risky for consumers to settle their credit card debt for less than they owe.

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Jacob Marta

San Diego, CA

#1 Nov 30, 2010
To correct the record it is not the credit card debt relief act that has made it "less risky" to negotiate your debts. This act only puts restrictions on the credit card companies when it comes to marketing practices. It also forces them to clearly post ALL costs associated with their credit card company. Interest rate, changes, APR and monthly payment. This is to help consumers better understand the real cost of their credit card spending.

The Telemarketing Act is what has put restrictions on existing FOR profit debt relief companies. These companies can no longer charge up-front or monthly fees. This forces them to provide all services and not be paid unless a debt is successfully settled. In this regard the consumer using this type of program has reduced their financial risk if the program fails to reduce their debts.

Be aware, many legal firms are circumventing this law, but sending a notary or representative to your home. This allows them to charge up-front fees and monthly fees. That is not all bad as these firms also typically offer full legal services to back the debt relief program. If the fees are within reason; $200 start up and approximately $25 per month it may be worth it to have that legal backing and peace in mind.

Non Profit credit counseling and Debt management companies are not affected by this law. They can still charge start up and monthly fees.. and they do. But do not confuse this type of help with debt negotiation. Debt management works with many low value debts and has pre arranged agreements with the creditors. They are also compensated by the creditors. They can be effective for many consumers with lower debts who can still afford their minimum payments.

Negotiation is best for consumers who are late, have a financial hardship and are facing a potential bankruptcy. In these cases a negotiation process is a reasonable solution and very effective at reducing the debt.

Not sure if your debts can be reduced? How much can your debts be reduced by? will give you two free reports on a full Debt Reduction program. Reduction amounts, potential costs (AFTER debts are reduced), credit score impact and more. It is a free no obligation service to get your free Bailout Reports. Visit

Since: Feb 11

Phoenix, AZ

#2 Feb 1, 2011
If you need help yes the Laws have change to help you. Call 866-999-3596 learn to get 70% or more off your Credit Card Debt.
john cartner

Jaipur, India

#3 Feb 5, 2014
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#6 Mar 26, 2014
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