Credit Card Debt Settlement Act of 2010 Makes It Easier to Eliminate Debt

For those of us in the know about the debt relief world and industry you will have already recognized that the title to this article is pure fiction. But that doesn’t stop others from basically making stuff up to confuse consumers.

According to the recent press release sent out by a website, “Thanks to new debt settlement and relief laws passed in July 2010, credit card debt settlement has become a much more viable alternative.” That’s a nice statement, if only it were true. There is no such things as the Credit Card Debt Settlement Act of 2010. It appears the people that put out the press release just made that totally up.

I assume what the release is trying to do is confuse consumers into believing a new law has passed and that law is called the Credit Card Debt Settlement Act of 2010.

The truth is that what actually passed with not an act or law and not called the Credit Card Debt Settlement Act of 2010. It was new telemarketing sales rules promulgated by the Federal Trade Commission to regulate the debt relief industry.

The Full Release

Credit Card Debt Settlement Act of 2010 – Why Credit Card Debt Is Now Easier To Eliminate

The Credit Card Debt Settlement Act of 2010 has created a legitimate opportunity for Americans to eliminate a percentage of their credit card debt. New regulations placed on debt settlement companies has made it a much better deal for consumers. (I-Newswire) September 2, 2010 –

Americans from all walks of life are battling huge amounts of credit card debt. With unemployment rising monthly and the ability to pay off the mountain of debt getting harder, Americans are looking for alternatives. The three top options are debt consolidation, debt settlement and credit counseling. [What about bankruptcy?] Thanks to new debt settlement and relief laws passed in July 2010, credit card debt settlement has become a much more viable alternative. [How does the FTC TSR make it more viable?]

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Debt settlement is usually done by a company on behalf of the consumer. The company negotiates on behalf of the consumer, attempting to lower the total amount due. This is a legitimate alternative to bankruptcy but only makes financial sense for consumers experiencing a legitimate financial hardship.

In the past, debt settlement companies were known to collect large upfront fees and negotiate a poor settlement. [A poor settlement?] Time and time again consumers were paying the debt settlement companies for a service that was promised but not delivered. Well things are different now.

The Credit Card Debt Settlement Act of 2010 [Still doesn’t exist.] has changed these unsavory practices. Thanks to the new law, a debt settlement company cannot collect a fee until they have settled the debt at an agreeable amount. If a company cannot negotiate an agreeable settlement they will not collect a fee. Bottom line. Only the legitimate debt settlement companies will be able to survive. [So any company that survives is legitimate?]

A legitimate debt settlement company will have established relationships with the all the major credit card companies and other creditors of unsecured debt. [What is an established relationship?] Because of these relationships they can work with the creditors and the consumer, making sure that both parties are satisfied.

Debt settlement is a hardline approach to debt relief and is not for everyone. The consumer must be $10,000 or more in unsecured debt [That’s a marketing threshold and not a minimum amount of debt needed by consumers.] and suffer a genuine financial hardship to qualify for most legitimate debt settlement programs [So some legitimate companies don’t require a hardship?] However it is clearly a better option than filing bankruptcy. [Why?] Bankruptcy will stay on your credit report for at least 7 years and should always be the last option for debt relief. [Delinquent debt in debt settlement will stay on your credit report for seven years so should debt settlement be the last option for debt relief?]

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There are also other debt relief options available such as credit counseling and debt consolidation. [And bankruptcy.] If you are struggling with debt and have a legitimate financial hardship [If you have an illegitimate financial hardship, get lost.] it would be wise to speak with a debt relief specialist that will go over all your options for free.

Check out the following link for a free debt relief consultation:

Free Debt Relief Advice
Or Call: 877-853-6466

About is a consumer based service that was established to provide consumers a way to locate a legitimate debt settlement company that has a proven track record in negotiating and settling debt.

For Free Debt Help Call : 877-853-6466

Company Contact Information
Allan Sanders
425 N Main St [Apparently this company does not exist in any city or state.]
43215 [The zip code for Columbus, Ohio.]
Phone : 877-853-6466 – Source


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.

Damon Day - Pro Debt Coach

20 thoughts on “Credit Card Debt Settlement Act of 2010 Makes It Easier to Eliminate Debt”

  1. Steve, I do enjoy that you call these people out on the carpet. To add to your article consumers and businesses alike should be aware of the Article marketing and PR marketing industry. Article marketing sites like are full of company sponsored “articles” that are more or less PR releases. They are often created to take advantage of sensational headlines, such as the “Debt Relief Act” Which as you point out is non-existent. Do a search on Credit Card Relief Act and you will find literally thousands of articles claiming that “debt negotiation is now legal because of the new Debt Relief Act” then they go on to explain the provisions under the new FTC TSR!!!

    There are a number of important points here:

    Joe Debt: If you are purchasing leads, you had better be sure they are not coming from companies that run these kinds of campaigns – you are both liable.

    Article Submission sites are making a killing off of these false and deceptive articles. They need to be held liable for their willing participation, or negligence in editorial oversight.

    Marketing companies and advertisers must be vigilant in reviewing where their ads are being displayed. Often publishers like and others custom create articles based around your advertisement to generate high click through rates. This would be fine IF the content they created was truthful. Unfortunately, they create sensationalized versions of the truth or use the company sponsored articles for “content”. A good example would be the “Obama debt relief articles” that lie about a new law to eliminate your credit card debts. It creates a ton of traffic, high click through rates, money for the publisher, money for the advertiser… and one fully deceived prospect.

    We at Lead Discovery have blocked nearly 950 articles claiming Obama, free Grant, or other false claims from running our ads. It is not a perfect science as we can only remove our ad from publishers we can find through the ad platforms, new sites and articles pop up every day and our reports lag behind by 3 days. It is a very difficult and expensive fight to do the right thing.

    We can only hope that in the end we will be rewarded for our honest marketing.


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