Federal Trade Commission (FTC) has announced debt settlement laws which made the availability of debt relief companies very easy. Debt is a huge burden which nobody wants to bear for very long. Earlier people who face difficulty in repaying debts used to file bankruptcy. And they didn’t have any option other than facing the adverse effects of bankruptcy. Taking all these things into consideration, FTC has made a law which opens the doors for all the debtors. They can get rid of their debts very easily by getting maximum possible reduction in their debt amount.
Bankruptcy is a process which was earlier followed by every debtor in case of not having enough funds for repaying debts. But it has many troubles in itself. If you have filed bankruptcy, then your credit rating gets greatly affected. You won’t be able to apply for more loans. Along with this due to your worse credit rating, the chances of getting a new job also become very minute. It adds to mental and financial stress. The results of filing bankruptcy do not come in a day or two. It may take several years. So you can well imagine why FTC provides a new debt relief help to consumers. The laws announced by Obama’s government have been accepted all over with full faith and enthusiasm.
All the information regarding the new debt relief laws can be found on the net. You can view various debts reduction plans online. Now the thing is what exactly the new FTC debt relief laws state? And why and how they are so useful to everyone? Actually the relief law states that you can settle your maximum debts with creditor. For this you may take the help of reputed debt Settlement Company, this company negotiates your debts with creditor and try to get maximum reduction in your debts. You need not have to pay any upfront payment to debt Relief Company before getting settlement results. Once the debts are settled and you get satisfied then only you have to pay your debt settlement company. You can get even 50%-60% discounts in all these negotiations. According to FTC law the debt settlement company can charge maximum of 15% of settled debt amount and you can pay this fee in installments. After getting settlement the creditor also gets his money back in installments from debtor.
Debt settlement process is not very lengthy and can be settled very easily with the help of debt relief companies. Because ultimately it’s beneficial to all i.e. creditors, debtor and relief companies as well.