The Credit Card Debt Settlement Act 2010 was recently passed by the FTC. This new legislation bans debt settlement companies from collecting upfront fees and also provides stricter regulations on disclosure requirements.
Consumers seeking debt relief that do not want to resort to bankruptcy are now breathing a sigh of relief.
The new regulations will help curb deceptive and abusive practices in debt relief services sold through telemarketing, according to Consumers Union, the nonprofit publisher of Consumer Reports.
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