Debt Relief Industry

Debt Settlement Consumers Beware of Fraudulent Claims

The following statements are red flags that indicate fraudulent practices and dishonesty on the part of debt settlement companies. If a debt settlement makes any of the following claims, don’t do business with them. In fact, if you hear any of these statements from a company that claims to settle debts, you should report it to the Federal Trade Commission or FTC. Here are some examples of the fraudulent claims we have read:

Program Will Pay Homeowners to Sell at a Loss

In an effort to end the foreclosure crisis, the Obama administration has been trying to keep defaulting owners in their homes. Now it will take a new approach: paying some of them to leave. This latest program, which will allow owners to sell for less than they owe and will give them a little cash to speed them on their way, is one of the administration’s most aggressive attempts to grapple with a problem that has defied solutions…

Source: The New York Times

How the Credit CARD Act will affect types of credit cards

How will the CARD act affect you? That depends in part on which type of credit card you’ve got in your wallet. The combined impact of the economic downturn and the restrictions placed on credit card companies by the Credit CARD Act mean card issuers will be changing how they do business in ways that will affect every credit card — but the impact will vary depending on the type.

Source: creditcards.com