16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00032

Submission Number:
Mary Beth Krauss
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I am writing this letter as an urgent plea that the FTC NOT regulate debt settlement out of business. Back in 2006 my husband and I found ourselves in an unfortunate situation, one that millions of americans find themselves in this very day; we had out of control debt as a result of trying to use credit cards to offset our employment shortcomings. We ultimately found ourselves rolling debt over from one credit card to another that had a lower interest rate, which in turn forced us to make the ultimate decision of 1) making a minimum payment (which we were having trouble with) 2) filing for bankruptcy 3) join a debt management/settlement program. Having never been in such a horrible financial situation, we knew we had to do something and skeptically chose to enroll in a debt settlement program with Debt Regret. I am proud to say that as of this date, we have settled two of our three accounts and are in clear site of that third debt settleing. Because of the amazing, professional staff at Debt Regret, we have been able to hold our heads high and keep our dignity in tact. All along our financial freedom journey we were assured and comforted by Debt Regret that we would get there and reach the goals that we had set out to achieve. I am so very thankful to Debt Regret, as if it were not for them, we would just be deeper in debt right now, and probably finding ourselves making the decisions that nobody should have to face, like paying a credit card bill or paying the mortgage...paying a credit card bill or paying for heat, etc. My husband and I feel extremely blessed to be part of such a program and would highly recommend it to any and everyone that is struggling with the same decisions that we were. In this time of poor economy, with so many of us struggling and just barely getting by, settling debt is a solid choice to make. I would hope that the seriousness of taking away this option to americans would be realized and reconsidered. I personally think that americans as a whole have struggled enough these past few years, I urge the Federal Trade Commission to NOT regulate debt settlement out of business, is an incredibly valuable tool to all of us! Thank you kindly for affording me the opportunity to submit my plea.