Cambridge Credit Counseling Puts Out New Video on Debt Settlement Rules

Starting October 27, 2010 the Federal Trade Commission’s Telemarketing Sales Rule will prohibit for-profit debt settlement companies from charging fees to consumers until the company has preformed an actual service. The Telemarketing Sales Rule applies to debt settlement companies that solicit consumers by phone, and to settlement agencies that receive calls in response to ads.

Consumers should be aware that many debt settlement companies are already trying to find ways to evade these new rules and so you’ll need to be on the alert. Watch this week’s webisode from Cambridge Credit Counseling Corp. to learn more. Host: President and CEO, Christopher Viale.

Click here for credit counseling information.

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  • Steve Rhode

    Mike,

    Your suggestion sounds exactly like the meeting I’m already holding next week. See this page.

    Steve

  • Mike Reilly

    So I watched the video and all I can say is…. put the CEO’s of a CCC, DSC and BK Law firm (all of a similar caliber) in the same room and each one of them can and will make a compelling case as to why a consumer should avoid the other services. Can you spell PROPAGANDA? What happens when the smoke clears and you know it will, eventually? To me (probably not the average blue collar consumer) the video comes off as a desperate final attempt to use the past and present (for some) to scare and sway consumers from a viable option. Nothing more than selling fear which never provides for longevity.

    I realize this site promotes Cambridge but, I think it’s a little over the top.

    Just one man’s opinion…

    Michael Reilly, CDS
    Emerge America

  • Mike Reilly

    So I watched the video and all I can say is…. put the CEO’s of a CCC, DSC and BK Law firm (all of a similar caliber) in the same room and each one of them can and will make a compelling case as to why a consumer should avoid the other services. Can you spell PROPAGANDA? What happens when the smoke clears and you know it will, eventually? To me (probably not the average blue collar consumer) the video comes off as a desperate final attempt to use the past and present (for some) to scare and sway consumers from a viable option. Nothing more than selling fear which never provides for longevity.

    I realize this site promotes Cambridge but, I think it’s a little over the top.

    Just one man’s opinion…

    Michael Reilly, CDS
    Emerge America

    • http://GetOutOfDebt.org Steve Rhode

      Mike,

      Your suggestion sounds exactly like the meeting I’m already holding next week. See this page.

      Steve

  • Thomas J. Fox

    Hello Steve. Thank you very much for posting Cambridge’s video. As a financial educator,I appreciate your efforts, especially in the arena of debt settlement. There are some great companies out there that’ll pull through just fine. It’s an interesting time in the debt relief industry — one that will strengthen the long-term. Great to have good people, like yourself, helping the public understand their options.

  • http://twitter.com/ThomasJFox Thomas J. Fox

    Hello Steve. Thank you very much for posting Cambridge’s video. As a financial educator,I appreciate your efforts, especially in the arena of debt settlement. There are some great companies out there that’ll pull through just fine. It’s an interesting time in the debt relief industry — one that will strengthen the long-term. Great to have good people, like yourself, helping the public understand their options.

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