Debt Consolidation Companies May Have Regulation Issues
The debt consolidation industry is running somewhat unchecked
these days. There are tons of debt consolidation companies out
there that will rip you off just as sure as look at you. This is
obviously not the way that you want to get a debt consolidation
taken care of, but how do you know who is good and who isn’t?
This is the problem facing our government right now as they are
aware that there are debt consolidation companies that are
actively seeking customers so that they can rip them off. They
say that they need to crack down on them, they just don’t
necessarily know where to start.
The Democratic Congress feels that there is a need for a new
bureau that would protect consumers from unethical debt
consolidation, payday lending and debt settlement companies.
They say that the new bill that they are looking at would watch
out for consumers looking to take on debt such as mortgages,
credit cards, etc. – and they would protect those that are
desperate for some kind of debt relief turning to a company that
would only make it worse for them.
Obviously the financial services industry that includes debt
consolidation and pay day loan lenders say that there is no need
for such a bureau. They say that this would only make these
things cost more because they would have to pass on their
regulatory fees that they were paying to the government to their
consumers. It would appear that in order for them to behave
ethically and morally towards their consumers they would have to
charge them to do so. The government says that this is a bunch
of baloney and that one of the things that they would put a cap
on is the amount of money that they are allowed to charge
period.
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