Credit and Debt Blog

This is a federal act enacted in 1977 with the goal of preventing abuses by third-party debt collection agencies. These abuses were believed to be one of the main causes of the increase in bankruptcies filed at the time.

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Debt settlement companies often state that they can settle your debts for pennies on the dollar or even up to less than half of what you owe. They also tend to overstate the actual amount of work that they do on your behalf.

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