New Debt Relief Bill Passes What Does it Mean?

Recent legislation has been passed regarding the debt relief industry. Starting October for profit debt relief companies can no longer charge up front fees in order for a consumer to enroll. This comes after harsh scrutiny of the debt relief industry and the various debt relief scams. Debt elimination companies can only collect fees from consumers after the debt settlement process has begun.

Many wonder if this will put the debt relief industry out of business. This is not necessarily true. While it is true a lot of for profit companies will go out of business there are many legitimate debt relief companies that will still prosper. The law was made to protect consumers not put the debt relief industry out of business. It will help the overall debt settlement industry have better negotiation \practices and ensure they are successfully eliminating debt on their customer's behalf.

This does not mean consumers in debt will be safe from all debt relief scams. They should still show caution when choosing a debt relief company and check the various credentials available.

For right now the debt relief industry isn't going anywhere