| October 14, 2010

New restrictions protect those with credit debt

The explosion of credit use in recent years has left many debt-riddled consumers to turn to relief agencies for assistance.

A recent report by the Federal Trade Commission has created new regulations for the industry, which aim to provide better transparency between the relief provider and the consumer.

Evan Zullow, an attorney with the FTC, tells Fox Business that under the new regulations, “Debt relief companies are going to act as a liaison between the consumer and the credit card company to negotiate either a reduction or a settlement.”

The latest restrictions apply to all for-profit debt relief organizations, including for-profit counseling, debt settlement companies and debt negotiation firms, according to Fox.

Also, as of Oct. 27, debt-relief companies will be unable to collect upfront fees for services. Under the provision, the company must settle at least one payment for a client before any fees are paid, the news provider reports.

The FTC adds the new regulations do not put restrictions on the cost of the services. Officials advises consumers who want to to verify the legitimacy of a debt relief agency to contact the Office of Consumer Affairs.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

"We are really proud to recommend Consolidated Credit" Kathleen Cannon, President & CEO of United Way of Broward County. Consolidated Credit Counseling Services, Inc. is pleased to announce our partnership with the United Way as a United Way Chairman’s Circle Organization.

All Consolidated Credit counselors are certified personal financial counselors (CFC) We've helped 5 million people get out of debt! Call us today and see what we can do for you.

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Consolidated Credit is honored to receive the 2012 Excellence in Financial Literacy Education (EIFLE) Nonprofit Organization of the Year award. The EIFLE awards acknowledge innovation, dedication and the commitment of organizations that support financial literacy education worldwide. See what Consolidated Credit can do for you.

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Time tested and customer trusted. Consolidated Credit Counseling Services has been a BBB Accredited Business since 1998 and has a current A+ rating. Call us today and see what we can do for you.

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