Have you heard that debt settlement companies should not be trusted? Have you heard that they can do nothing good for you? Do you have real concerns? Consumers are helped with the new rules that went into effect recently on debt settlement regulations. A great program became an outstanding program. Most consumers will no longer need to file bankruptcy. In 2009 there was $1 billion in unsecured debt settled via the debt settlement negotiation process. This resulted in over $600 million of debt being written off by the credit card companies. $400 million dollars was paid to creditors. This $400 million was money that they would have never seen had the consumer declared bankruptcy. The FTC had ruled against 279 companies of the thousands that exist. Under the New FTC law consumers no longer have to worry about this. Starting on October 27, 2010, the credit counselor or debt negotiator is the last one to get paid. They can no longer collect large funds upfront. If they can not get the consumer relief so that they are able to pay off their bills they do not get paid. This simple change in the law has made the companies that are left be legitimate companies. In the past debt settlement companies could promise to eliminate the debt and do nothing. Meanwhile consumers would pay them a large amount of money. There were some other changes to the law which are very important. They are: Require debt relief companies to make specific disclosures to consumers Prohibit telemarketing …