Bills.com Applauds New Federal Trade Commission Regulations for Debt Relief Industry

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SAN MATEO

, Calif.

– Sept.21, 2010 –

Personal finance resource Bills.com welcomes new debt relief regulations andactions taken by the Federal Trade Commission, and hails pro-consumer changesthat will help protect vulnerable consumers. New regulations govern themarketing of debt relief products as well as the way in which fees areadministered within the programs.

“Thisis really a best case scenario for consumers,” said Brad Stroh, CEO ofBills.com. “Consumers will now have substantial and important protections inplace to ensure that they are not taken advantage of by predatory debt reliefproviders. At the same time, responsible providers will be rewarded for theirefforts and can stand apart from less reputable companies – making it eveneasier for consumers to find help from the good actors in the debt reliefindustry.”

Thefirst phase of the new regulations will take effect on September 27^th,2010. These initial changes govern how debt relief products are marketed toconsumers. Specifically, the new rules prohibit debt services providers frommisrepresentations regarding their program, success rates or any materialprogram features. Companies are also required to disclose potential negativeconsequences of a settlement and how long it might take for a consumer torealize results.

Thesecond sets of changes take effect on October 28, 2010. This second step willrestrict debt relief companies from charging any fees until the consumer hasreceived either interest rate or principal reductions from their creditors.This addresses one of the most often criticized aspects of the industry whereina debt relief company could collect up-front fees without having to resolve anyconsumer debt. With these changes, consumers are protected from unscrupulousproviders.

“Thetiming of these changes are important because the still struggling economymeans that many Americans and families remain in financial peril,” continuedStroh. “Now, they can seek financial help from debt relief providers with asense of confidence, knowing that marketing claims are accurate and that theyessentially have a no-money down guarantee on having some of their debtresolved.”

Formore information on consumer debt or to read an in-depth analysis of the prosand cons of debt relief options by Bills.com, please visithttp://www.bills.com/debt.

About Bills.com

Bills.com is the leading resourcefor free and personalized money help. Founded by a group of financial expertsdedicated to helping consumers save time, money and stress, Bills.com isdesigned to give consumers confidence in making money decisions. The siteoffers useful information, powerful tools, and real money experts to giveconsumers the information they need in the way that they want it.

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