16 CFR Part 310 Telemarketing Sales Rule- Debt Relief Amendments
Our experience with debt settlement was with American Financial (AF). We turned to them once one of our credit card companies increased our APR from 14% to 30% without notice or reason. My husband was injured at work a year before, permanently disabled and out of work. We were slowly falling behind, and the APR increase was the deciding factor. We were on a plan with AF to pay off all our debt in 3 years. With their help we accomplished it in just over one year. Their assistance was invaluable, and although it's a humiliating experience to go through, it was the best thing we ever did. It was a massive wake-up call, and we are finally on a road to being financially stable. Although some debt-settlement companies are not legitimate, many are. It is up to the consumer to use their brain and do their homework before committing to a particular plan or company. In addition, if someone believes that debt-settlement will not hurt your credit, he/she is ignorant. Of course it will! However, for us it was a better option than bankruptcy or letting the credit card companies have free reign on our life for the next 50 years.