Posted on May 20, 2010 at 3:43 am new debt relief laws, what are they?

Posted on May 20, 2010 at 7:46 am new debt relief laws, what are they?- good thing that you asked! There is a company named exactly that, a debt relief company, and then there is the law, which could be referring to the Credit Card Accountability Responsibility and Disclosure Act of 2009

Posted on May 20, 2010 at 7:48 am Right, those new debt relief laws have official names - The US Debt Relief Plan could be referring to any if not all of the ff: H.R. 3648:Mortgage Forgiveness Debt Relief Act of 2007 (http://www.govtrack.us/congress/bill.xpd?bill=h110-3648), and/or the Credit Card Accountability Responsibility and Disclosure Act of 2009 (http://www.govtrack.us/congress/bill.xpd?bill=s111-414) US Debt Relief Plan - the Credit Card Accountability Responsibility and Disclosure Act of 2009 http://www.whitehouse.gov/the_press_office/Fact-Sheet-Reforms-to-Protect-American-Credit-Card-Holders/

Posted on May 20, 2010 at 7:50 am New Debt Relief Laws - the Credit Card Accountability Responsibility and Disclosure Act of 2009effective February 2010, the soonest.The law is about:-credit card companies giving consumers 45 days before they can up the interest rates.-the consumer's payment must first be applied to the highest interest rate balance.Interest rates:--- If the consumer's payment is 60 days late, the credit card company can increase the rate.Penalty fees:---- Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer College students:--- Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.

Posted on May 20, 2010 at 7:58 am But for consumers that are deep in credit card debts? These new debt relief laws have no use yet. What they need to eliminate debt is debt relief. There are professional debt relief programs and then there are diys.

Posted on May 20, 2010 at 8:10 am Thanks everybody.! I'm interested in diy debt relief, what is the success rate of that? Also , how much would professional debt relief cost?

Posted on May 20, 2010 at 8:13 am Hi Rogers, debt relief can mean debt settlement or credit counseling,and if you want to learn all about settling on your own, here's a helpfulsite http://settleonyourown.com/

Posted on May 20, 2010 at 8:24 am Hi rogers, regarding debt relief program fees - fees Credit counseling is non-profit but their Debt Management Plan would cost around $25/mo. after the one time set up fee. Debt settlement companies would charge 15% of your total debt amount -spread over 18 months or they will take between 20-25% of the settlement amount.