16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments #543670-00121

Submission Number:
Melody Simon
Initiative Name:
16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
When I attended college, I was courted by credit card companies to get credit cards - which I did. I had no family financial assistance and college costs were skyrocketing. So my credit debt grew out of a reliance on it while I was working on my bachelor's degree. Fully expecting to pay them off when I graduated, the job market crashed when I graduated. After more than a year or two of just paying interest and seeing no real end to my debt in site, I contacted a debt settlement company called American Financial Services (AFS). They played an integral role in my getting out of debt. I am incredibly thankful to their ability to negotiate my debt and I would be struggling with severe mental depression if I were still under that yoke of debt (not to mention the dire economic burden). I encourage Congress and the FTC not to stifle this important tool for consumers. I did a great deal of research before choosing AFS. I completed my settlement nearly two years ago, and with the exception of my school loans, I do not carry debt. I do not have any credit cards, despite the countless offers I receive in the mail. I will not fall victim again, and in my opinion, credit card companies are the true predators. Their policies are structured as such to keep people in debt. People are suffocating in debt and in today's economy, more are falling below the poverty line, while the big credit companies are still receiving explosive profits. Please do not give in to their lobbyists and take away this tool from the American consumer. We are suffering while government continues to side with Big Business - please help us to keep our heads above water. In my full opinion, it is credit card companies who need to be looked at and have stricter regulation.