A 10% federal credit card rate cap sounds like relief for people in debt. But research projects up to 159 million Americans could lose card access entirely — and be pushed toward payday loans instead.
Seven major banking trade groups sent Congress a letter warning that debt settlement companies are harming consumers with strategic default tactics, fees of 15–25% of enrolled debt, and a 25% failure rate. Here’s an honest look at what’s really going on — and your actual options.
Quick Answer: The Center for Responsible Lending (CRL) submitted a letter to the FTC supporting the proposed ban on advance fees for debt settlement companies. CRL’s analysis found that key data points about the debt settlement industry’s problematic use of advance fees are largely undisputed by industry participants.Here is another letter sent to the FTC …
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