Tuesday, March 1, 2011

Debt Settlement -one story-bill hearing today

Listen to this story on debt settlement, which is part of MCRC's upcoming film "Stealing Trust: Marylanders Speak Out on Frauds, Scams, and Financial Abuses."

Debt settlement firms claim they will cut consumers's debt in half. Yet, to date, the majority have collected up-front fees and failed to deliver on their promises-leaving consumers with poorer credit scores, higher debt, and less money in their bank accounts.

Today, the Senate Finance Committee is hearing legislation to regulate debt settlement firms in Maryland. The House Economic Matters Committee will hear the legislation on Thursday.

MCRC supports regulating the industry but feels the 3o% cap on fees is too high! Maryland families struggling to pay their bills need to keep more money in their pockets. We support a 15% cap on fees, strong disclosures, and reporting requirements. For more information check out MCRC's two reports on the issue at www.marylandconsumers.org

Call your Senators to tell them you support a 15% cap on fees for SB 741.


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