16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00074

Submission Number:
Mr. Scott Heuskin
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I was ok financially and capable of paying my credit cards until the banks raised my interest rates on my accounts from 4.99%-7.99% to 24.99%-29.99%. I could nolonger pay the interest they were charging me. I was never late and always paid more than the minimum balance, yet they destroyed my financial stability with their greed. They punished me and other Americans because they were so greedy, they made bad mortgage loans to people who couldn't possibly pay them. So they destroy good people and actually became Loan Sharks to recoup their loses at our expense. My interest per month became so obsurd that I was forced into financial devastation by the banks. I had no choice but to file for bankruptsy, that is until I discovered Debt Regret, a debt settlement company. They were my saviours, because they helped me settle my debt without filing for bankruptsy. I didn't want to go bankrupt, and the results achieved by Debt Regret was excellent. They literally saved me from financial ruin. The consultants and representatives at Debt Regret were nothing but professional. They were totally honest with me at every point of my settlements, and kept their word with anything they told me they could and would accomplish for me. Without Debt Regret I would of not only had to go bankrupt, but think about the emotional consequences of going bankrupt. It causes depression, which could lead to other serious illness, not to mention the effect it has on family relationships. It can cause divorse and destroy and seperate children from thier parents. It's a snowball effect that could literally destroy your life. This is what will happen if the FTC regulates these debt settlement companies out of business. Bankruptsy and divorse will skyrocket, and it will literally destroy hundreds of thousands of Americans. Good people who need these debt settlement companies to help them. And they do help them, and offer an alternative to bankruptsy. So if you regulate these companies out of business, you will be no better than the people who put Americans in this situation, the banks. You should punish the banks for being so incompetant, but instead bail them out with my tax dollars so they can turn around and not help Americans get out of debt, but destroy Americans with their greed. Instead of regulating the debt settlement companies, you should regulate the banks with a cap on the interest they can charge people who pay on time. Why is the FTC considering this anyway? Is it because the greedy bastards at the banks who want to destroy Americans are being stopped by excellent companies like Debt Regret? DO NOT REGULATE THESE COMPANIES OUT OF BUSINESS, THEY ARE NEEDED BY HURTING AMERICANS RIGHT NOW. I NEED THEM RIGHT NOW! IF YOU DO SO, YOU WILL DESTROY MANY, MANY LIVES!!!