In this time of economic depression, the concept of credit card is getting very famous as people are using credit cards to get along with their needs and other expenses of life easily.
Credit card brought much relaxation in the lives of people as because of this they are able to get the things of their needs without using hard cash but at the same time it also brings much stress and burden in case a person is not paying the bills on regular basis.
The increasing number of credit card non payers is making the situation of financial chaos in the country.
In fact it is true to say that the whole country is badly suffering from the condition of financial disequilibrium because of the credit card debt suffering people.
To bring back the position of financial steadiness, the federal government has introduced the option of debt settlement in the market.
Though this option brings fast reduction in the amount of debts but still people are not adopting this method.
The reason why people are not adopting this method is that they are basically afraid of the fake and false settlement companies that are operating their business on large scale in the market these days.
Due to these fake debt settlement companies, the genuine companies are also badly suffering.
The fake companies actually take their service charges in advance from consumers and then they do not put any efforts for bringing decline in the amount of their liabilities and after some time they tell their client that the settlement process has failed.
When a person asks for the return of money, they simply refuse to refund it.
Because of these illegal practices, people lost their confidence and trust in the business of settlement.
This thing was very painful for the government because it wanted to make the process of debt settlement reliable for the elimination of debts and just because of these fake companies it failed to achieve the target.
In order to make this process more reliable the federal trade commission has made some changes in the existing laws of settlement.
Now the new laws clearly say that a person has the right to avoid paying the dime unless and until the hired company doesn't bring reduction in the amount of the debt.
Due to these limitations all the fake and false companies are no longer offering their services as they are simply washed out from the markets.
Credit card brought much relaxation in the lives of people as because of this they are able to get the things of their needs without using hard cash but at the same time it also brings much stress and burden in case a person is not paying the bills on regular basis.
The increasing number of credit card non payers is making the situation of financial chaos in the country.
In fact it is true to say that the whole country is badly suffering from the condition of financial disequilibrium because of the credit card debt suffering people.
To bring back the position of financial steadiness, the federal government has introduced the option of debt settlement in the market.
Though this option brings fast reduction in the amount of debts but still people are not adopting this method.
The reason why people are not adopting this method is that they are basically afraid of the fake and false settlement companies that are operating their business on large scale in the market these days.
Due to these fake debt settlement companies, the genuine companies are also badly suffering.
The fake companies actually take their service charges in advance from consumers and then they do not put any efforts for bringing decline in the amount of their liabilities and after some time they tell their client that the settlement process has failed.
When a person asks for the return of money, they simply refuse to refund it.
Because of these illegal practices, people lost their confidence and trust in the business of settlement.
This thing was very painful for the government because it wanted to make the process of debt settlement reliable for the elimination of debts and just because of these fake companies it failed to achieve the target.
In order to make this process more reliable the federal trade commission has made some changes in the existing laws of settlement.
Now the new laws clearly say that a person has the right to avoid paying the dime unless and until the hired company doesn't bring reduction in the amount of the debt.
Due to these limitations all the fake and false companies are no longer offering their services as they are simply washed out from the markets.