New rules set limits on debt settlement industry

Companies that promise to reduce or eliminate credit card balances and other debt for customers will no longer be allowed to charge an upfront fee.

The Federal Trade Commission said Thursday that the new restrictions are a crackdown on the debt settlement industry, which flourished during the economic downturn as borrowers struggled to pay bills.

http://bit.ly/aEjHn2

New Rule Cracks Down On Debt Settlement Industry

Companies that promise to reduce or eliminate credit card balances and other debt for customers will no longer be allowed to charge an upfront fee.

The Federal Trade Commission said Thursday that the new restrictions are a crack down on the debt settlement industry, which flourished during the economic downturn as borrowers struggled to pay bills.

http://huff.to/aEJggy

Thinking of debt settlement? New FTC rule can help

Like commercials for weight-loss pills and devices that are supposed to stop your dog from barking, ads for debt-relief companies are a mainstay of late-night TV. Many of these companies claim they can reduce your debt by 50% or more in just a few months.

http://usat.ly/dic0V0

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