Illinois Changing Regulations
The state of Illinois is not fooling around when it comes to
their debt settlement companies. They say that they are tired of
these debt settlement companies taking advantage of consumers
within the state so they are going to start cracking down on
them. Attorney General Lisa Madigan has set her sights on the
debt settlement companies and is looking to pass some
legislation regarding them.
She says that the debt settlement companies need to be reigned
in and she was the person to do it. The new legislation would
force the debt settlement companies to stop charging certain
fees – including those monthly fees that they are so proud of.
They would also have to be licensed through the state’s
Department of Financial and Professional Regulation.
She said that too many consumers come to them looking for help
only to find themselves in more debt because of the fees that
they are paying to get help. She said that they end up in even
more debt than they were when they started. She said debt rates
are continuing to grow and much of it has to do with the debt
settlement companies and their tactics. She said that these
companies have to change how they do business, or they need to
leave the state.
Many times there are reputable debt settlement companies out
there, but they can be tough to find. Instead, a consumer might
think that they are with one of them and instead are paying out
a lot of money for them to do either nothing at all, or to do
something they could have done on their own.
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