New Bad Credit Credit Card Debt Relief Rules Put in Place by Obama Administration and FTC This Week
Posted on | July 30, 2010 | 1 Comment
Bad Credit credit card debt relief has been a very hot topic over the last several months as President Obama and his staff are looking to protect vulnerable consumers. This week the FTC applied new rules to debt relief and debt settlement companies. It is now the case that these companies cannot charge up front fees.
With many Americans working hard to stay ahead with their finances they can sometimes be vulnerable to schemes that claim to be able to erase their credit card debt in weeks or months. This will also change as the new FTC rule will not allow certain marketing “proposals” from bad credit debt relief companies.
If there are any “claims” in these marketing efforts the FTC will come down very hard on these companies. Over the last month the FTC has continued to punish debt settlement and debt relief companies that do not abide by the rules; an example is Rapid Debt Reduction. This is very good for American consumers as they know they are being protected when it comes to credit card and high interest rate debts.
Author: Alan Lake
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One Response to “New Bad Credit Credit Card Debt Relief Rules Put in Place by Obama Administration and FTC This Week”
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July 30th, 2010 @ 1:05 pm
I am very upset With BAC, I have been with BAC since 1989 I though I was a good customer? I run into some financial problems which I have solved but since I was slow with payments to BAC, they increased my Interest RATE to 25% that is really helping the consumer and there is nothing they can do about it . I have not used the credit cards and I won’t……. All I can suggest is we all run to WELLS FARGO they care. Richard.p@comcast.net