SOURCE: Total Debt Relief

October 23, 2010 18:00 ET

Consumers Waiting for New Debt Relief Laws to Pass for Safer Credit Card Debt Help Programs

After This Month the Debt Settlement Industry Will Have New Guidelines to Follow; Total Debt Relief Explains Why Consumers Might Be Waiting for Laws to Pass

DALLAS, TX--(Marketwire - October 23, 2010) -  There's been a big unknown hovering over the debt settlement industry for the past year. That unknown is how the industry will adjust to the new laws set to take place by the FTC at the end of October. Many have different opinions, but there seems to be one common theme, safety against fraudulent debt relief companies.

Some settlement companies are already closing up shop and moving onto the next quick money making scheme. Fortunately, many of these companies were the ones that hurt the industry as a whole. It's fairly safe to say that the companies who remain in business long after the laws go into effect are the ones who were playing it straight from the get go. After this October settlement companies will no longer be able to charge upfront fees. Consumers will no longer have to make payments to companies promising debt relief unless they actually follow through with a settlement.

What does this mean? In order for a debt settlement to generate any revenue from negotiating debt on a consumer's behalf they will have to walk the walk not just talk the talk. The process of negotiation itself won't change necessarily; just the way companies do business and advertise their services.

If all goes according to plan consumers will be safer from debt relief scams and fly by night debt settlement shops.

Before enrolling in new debt settlement programs, consumers should contact prospective companies and ensure that they will remain in business well after said laws will go into effect. They can accomplish this by participating in the many free debt evaluations companies offer.

For those interested in possible debt relief services Total Debt Relief offers a free debt evaluation which can be taken advantage of at their company website:

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