Columbia, Maryland (PressExposure) August 04, 2009 -- Executives at Debt Shield, a Maryland-based debt settlement company, announced today they have joined The Association of Settlement Companies (TASC), a debt settlement industry trade organization.
TASC is comprised of consumer-centric debt settlement companies that strive to collectively protect the interests of consumers by promoting good industry practices and uniform legislation.
"One of the many reasons we are proud to join TASC is because Debt Shield already shares their main objectives," said Debt Shield CEO Phil Fewster. "Debt Shield's existing practices, such as our consultative underwriting, customized programs for each client and our Customer Service Guarantee, demonstrate our commitment to providing our clients the most valuable and honest assistance possible."
TASC members are required to adhere to the organization's bylaws, which encourage the highest standards of service and were developed in consultation with state legislators as well as debt settlement companies.
âTASC has been lobbying for fair and reasonable regulation of the debt settlement industry for years now, and I am glad TASC is championing this important cause," Fewster explains. "Communicating with legislators is important because there is an increasing need for regulation as the debt settlement industry grows.â
âThe surge in settlement companies is in direct response to pressing consumer demand for our services. Without debt settlement providers, many American families are faced with going through some of the worst times of their lives alone. They have been drowning in debt for years due to high interest rates, late fees and trivial assistance from their creditors. Many cannot afford credit counseling programs, which require a monthly payment similar to what the creditor requires, but they still want to pay back what they can without having to face the long-term stigma some believe is associated with bankruptcy. Unfortunately, some fly-by-night companies have sprung up to take advantage of struggling credit card holders.â
Fewster said that by working with consumers, creditors and legislators, as well as connecting with a reputable organization like TASC, a highly-regarded debt settlement company like Debt Shield can stand apart from others and demonstrate its good standing to consumers. This is especially important since the current economic downturn has left many families turning to professionals for debt help.
âThe important thing is to get the right laws in place to weed out the bad actors while being careful not to eliminate this important debt relief option, which is needed now more than ever,â Fewster said.
Consumers interested in debt settlement can visit the TASC website to read about recommended fee and program guidelines and learn how TASC secretly shops member companies to ensure they are complying with TASC requirements.
For more information, visit http://www.tascsite.org.