Credit Counseling Companies Backed by Faulty Industry

President Obama's act to regulate credit cards, which fund credit counselors, proves the industry's need for regulation.

With the passing of this act, it should be clearer to consumers that debt settlement is one of the most viable debt relief solutions for consumers seeking an alternative to bankruptcy

Our member companies are not associated with or paid by the credit card companies that this act targets.

have a right to not get ripped off

penalties for credit card companies that take advantage of ordinary Americans.

Madison, Wis. (PRWEB) June 5, 2009 -- Consumers need to proceed with caution as they consider credit counseling as a means of debt relief. The Association of Settlement Companies (TASC) applauds the recent passage of the Credit Card Accountability, Responsibility and Disclosure (Credit CARD) Act as a means to reform the credit card industry and protect consumers who are wrestling with debt.

The act will end some deceptive practices used by credit card companies to lure and trap consumers into expensive debt. These same credit card companies give monetary contributions to credit counseling companies through pre-arranged agreements. By contrast, debt settlement companies do not receive any fees, contributions or other forms of compensation from any entities other than the debtor client.

"With the passing of this act, it should be clearer to consumers that debt settlement is one of the most viable debt relief solutions for consumers seeking an alternative to bankruptcy," Ann Marie French, Association Manager of TASC, said. "Our member companies are not associated with or paid by the credit card companies that this act targets."

President Obama, who signed Credit CARD recently to regulate the fraudulent practices of credit card companies and protect consumers, said Americans "have a right to not get ripped off" and that we need to strengthen "penalties for credit card companies that take advantage of ordinary Americans."

TASC, the non-profit watchdog organization for self-regulating the debt-settlement industry, seeks to help individuals overcome financial distress and supports any legislation that regulates unethical business practices to protect consumers.

About The Association of Settlement Companies
The Association of Settlement Companies (TASC) promotes fair business practices, consumer protection and industry standards for the debt settlement industry. TASC, founded in 2005, serves to protect consumers through an organization seal that represents best practices and standards of reputable companies. The organization also protects its member companies through lobbying efforts at the state and national levels, as well as awareness initiatives to educate consumers on debt settlement as a financial solution. All TASC member companies pledge compliance to strict association bylaws governing business practices and ethics. For more information, visit tascsite.org.

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