barrysternberg

Proposed Law to Limit Debt Settlement Scam Artists

In Uncategorized on July 27, 2010 at 7:47 am

The Debt Settlement Consumer Protection Act of 2010 may soon put predatory debt settlement companies out of business. By now, most people have seen the numerous ads claiming to settle outstanding credit card debt for pennies on the dollar. Reducing debt without having to file bankruptcy is an almost irresistible advertising message for the tens of thousands of people across the country who are suffering with overwhelming debt. The only problem is that, instead of helping people get out of debt, these companies usually succeed only in driving people deeper into debt, while at the same time pocketing huge up front fees for a service that doesn’t deliver what it promises. The proposed new law will effectively put an end to the scam by prohibiting up front fees, and only allowing debt settlement companies to charge fees after they settle a debt. Since most debts are never settled by these companies, they will be effectively put out of business, and that’s a good thing for the American consumer. Right now there’s no word on when the bill will pass, so in the mean time, educate yourself on debt settlement scams by visiting links at http://www.barrysternberg.com/Bankruptcy_Alternatives.html

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