16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00075

Submission Number:
Mrs. Susan Gescheidle
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
I ran a small business with a lot of overhead and very little in sales, so I put a lot of expenses on credit cards. As a woman/home maker, I had no prior business experience and so was unable to get a line of credit to use, so I had to rely on credit cards when I needed things or had major expenses. I did fine for years but then sales got slow and I just couldn't keep up or get ahead. All I was doing was paying interest payments. I finally contacted a debt-relief company and was successful in getting several credit cards to settle for less and using savings, I paid off all the credit card. The company I worked with, U.S. Debt, was very helpful and they had GREAT customer service. I was unaware you could negotiate with the credit card companies. They managed to get several cards to settle for less, though companies like Discover and American Express wouldn't settle (and I will NEVER do business with them again!!). In fact, I will never have credit card debt again!! I feel fortunate to have gotten out from under, and I did infact consider bankruptcy as an option but thankfully I didn't have to resort to that. I am very appreciative of U.S. Debt, though I know now that anyone can call the companies to negotiate. But I am satisfied with U.S. Debt.