FTC Laws - What Has Obama Administration Done For Protecting Consumer Rights

The new FTC laws have revolutionized the debt settlement program and has provided better alternative for bankruptcy. These new laws have legalized and made debt relief program more legitimate and secure way to get out from debt. These laws up to some extent allow settlement companies to negotiate with concerned bank and make them cut-short the debt to considerable extent.

FTC laws have provided the settlement companies with exclusive rights to negotiate with bank on the behalf of client. The settlement company makes note regarding clients due amount, and on the behalf of the client carries out bargains with the bank within the specified norms. Thus client is required to pay the reduced amount negotiated by the settlement company and that to within extended period of time.

These laws which are put into effect from October 2009 under Obama Administration has done a lot for the betterment of people by protecting consumer rights. As stated by the FTC law, every settlement company should be registered under Better Business Bureau to be functional in the field of business which in turn implies legitimacy of settlement companies. New FTC laws have contributed greatly in protecting right of people by specifying clear distinction between the companies which are legitimate and ones which offer fraudulent services. Government has also made provision for customer to pay for services offered only after receiving settlement deal. There are cases where fraud companies will exempt the fee at first and after several days try to convince the customer that the case has become complex and money is required to solve to problem. Customers are strictly warned not to go for such companies and should inform the legal authorities so that they can take action against them. The government is taking great efforts in improving debt settlement program to rescue the downfall of American economy.

Regardless of the disastrous year the entire nation has faced, the Obama administration has in some way made insurance affordable as compared to earlier time for average consumer. The administration in some way provided consumer to get commendable cash through federal stimulus package. This type of dealing was initiated by former administration, with tax payers receiving considerable amount though less, but better than receiving nothing. The stimulus package was further enhanced and new FTC laws were introduced by Obama's administration which has recently provided funds to bail out struggling financial institution to stabilize the economy.