New Rules Ban Promises To Cut Your Debt In Half

September 29, 2010  |  

(CNN Money) — New rules muzzling debt-settlement companies go into effect Monday, preventing these firms from making grandiose promises they have no intention of keeping.

In the past, these for-profit telemarketing companies promised to renegotiate consumers’ debt and even potentially cut it in half. They didn’t warn customers, however, about the fees they would incur — or that it could take years to see relief.

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