Attorney general backs bill protecting consumers in debt
Posted by Financial Advisor | Filed under Debt, Loans & Mortgages
Attorney general backs bill protecting consumers in debt
Illinois Attorney General Lisa Madigan is backing legislation to ban debt-settlement companies from charging upfront or monthly fees and that caps payments to firms promising to reduce credit card debt. The legislation would cap fees at 5 percent of the savings resulting from settling a debt, rather than a percentage of debt enrolled.
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