Credit Counseling Congress Offers No Details In New Law

The recently passed Bankruptcy , Higher Interest Rates Arent All Bad Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy , Payday Advance law. Passed with bipartisan support in Congress and signed enthusiastically by President Bush, the law creates sweeping changes in debt , Understanding A Stocks Peg Ratio law and will make it much more difficult for debtors to have their obligations swept away by the courts. A major requirement of the new law will require that anyone considering filing for bankruptcy , Home Mortgage Loans After Things To Consider Before Applying For A Home Loan to first undergo credit , Getting Bad Help counseling. The idea is sound; anyone with problem debt , The Importance Of Education To The Investor can probably benefit from some discussions about money , Debt Consolidation Loans The Basics management. The's just one proble' Congress failed to include any details in the bill about what, exactly, constitutes credit , Refinancing Vs Line Of counseling.

The credit , Life Pro Life Insurance Producer Articles counseling industry, which includes for-profit as well as nonprofit organizations, has been through some hard times lately. The Federal Trade , A Variable Annuity To Fund An Ira Commission has been investigating some firms that have claimed to be nonprofit but were actually steering their clients into pricey debt , I Have A Slice Of The American Dream And It Is A 30 Year Nightmare consolidation plans , Forex Vt Trader run by for-profit affiliates. These high-profile cases have left a dark cloud hanging over the industry. With the new legislation set to take effect this October, many consumers have questions about the nature of the counseling requirements. Who will pay , A Guide To Consumer Credit Counseling for it, and what sorts of fees are acceptable? The bill doe't say whether the debtors themselves or their creditors , Banks Vs Owner Financing will pay , Initial Public Offerings Ipos the counseling fees or how much the service should cost. , Personal Tenant Loans Excellent Opportunity For Homeowners The law only states that the fees must b'reasonab' and that the services should be available even if the debtor cannot afford to pay. , Low Interest Rates Unsecured Credit Card Bad Credit The thought of being forced to provide counseling to customers , Mortgage Loan Loan To Value Ratio Explained who cannot pay , Initial Public Offerings Ipos has justifiably angered the counseling industry. Even nonprofit agencies have overhead and typically charge some sort of fee.

Who qualifies as a counselor? A'credit counsel' is a vague term with no real legal meaning, anyone might be able to place a sign on a building and call himself or herself a credit , Debt Relief Become Debt Free In A Short Time counselor. Is that what Congress had in mind? The US Trustee Program is in charge of making all of these determinations, and the department is said to be compiling a list o'approv' agencies. Presumably, the Trustees will also be examining these other issues and providing guidelines before the law takes effect. In the meantime, both debtors and counselors are concerned as thousands of Americans will be seeking advice for their debt , Increasing The Value Of Your Home problems come October. By then, with a little luck, consumers with problem debt , Getting Bad Credit Help will have some way of knowing whom they should call before filing for bankruptcy. , Getting Bad Credit Help