Franklin Debt Relief Warns Consumers about "Obama Credit Card Debt Bailout Letters"
Chicago, Illinois April 18, 2010 Business News(PRLEAP.COM) Franklin Debt Relief, a debt settlement company in Illinois, is warning consumers about a direct mail campaign that is targeting consumers with deceptive letters from the "National Debt Relief Division" in Washington DC, promising a government-approved reduction in their credit card balances.
Marketing companies and disreputable debt relief companies continue to find new and innovative ways to deceive consumers to use their services. The latest method – direct mail to consumers from the "National Debt Relief Division" – is duping people into the idea that, thanks to President Obama's economic stimulus package, consumers with more than $10,000 in credit card debt are eligible for substantial reductions in the principal amounts they owe.
"These companies are trying to take advantage of widespread misperceptions about the nature of the stimulus. Most of the consumers we're talking to are smart enough to realize what is going on, but I fear their may be other consumers who are falling for this stuff," Franklin Debt Relief CEO, Robert Zangrilli warns.
At a time when debt settlement companies are coming under attack by regulators and lawmakers, Zangrilli says these ads are affecting both consumers and the debt settlement industry as a whole negatively. "This is another example of the bad actors within our industry grabbing a lot of attention. Most of the companies in the industry are committed to providing a useful service for consumers in need. Unfortunately, there is a small but highly noticed group of companies doing harm to consumers."
If you are a consumer who has received a letter purporting to offer a service as part of the "national debt relief stimulus," report the ad to The Association of Settlement Companies (TASC), who is taking action against these types of campaigns. Consumers who are interested in learning about whether they can qualify for a debt reduction program should contact a reliable debt settlement company approved by a trade group like TASC, such as Franklin Debt Relief. A reputable organization will accurately disclose the nature of the service being offered, including potential risks and effects of settling your debts for less than the amount owed.
Consumers can reach Franklin Debt Relief at (877) 274-1260 or by submitting a form at www.franklindebtrelief.com. Franklin Debt Relief is a leading debt settlement company headquartered in Chicago, Illinois. Since 2007 Franklin has helped more than a thousand consumers with their "New Deal" debt relief program.