Companies Using Obama Credit Card Debt Relief Plan or Rapid Debt Reduction Punished by FTC in July
Posted on | July 26, 2010 | No Comments
The FTC website has announced that another “debt reduction” or “debt relief” company will have to pay a large settlement for misleading customers. There is no such thing as an Obama credit card debt relief plan or rapid debt reduction program in existence. The markets of the “Rapid Debt Reduction” promised to help customers lower the interest rates on their credit cards for the up front fees of $899. Unfortunately, there were many Americans who hold high amounts of credit card debts that paid this company up front money.
The pitchmen who created this ploy have been banned from marketing any type of debt relief program and they have agreed to pay $1.5 million that is going to be used to pay back the customers who ending up losing their $899 up front costs. The FTC works very hard to help Americans avoid this types of schemes and they also take the necessary steps to protect Americans when this type of issue arises. The settlement also bans the defendants from working in the debt relief industry in any capacity.
Author: Alan Lake
Tags: ftc debt > ftc debt relief > ftc rapid debt reduction > Obama Credit Card Debt Relief > obama debt reduction > obama debt relief > rapid debt reduction
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