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Legislation on for-profit debt firms has already been approved by the House and now awaits its fate in the Senate. (Lauren Owens/NECIR)
Today, a Boston Globe editorial called for action against for-profit debt firms. NECIR's story on these companies shed light on the possible consequences of pending legislation.
"The need for sensible debt counseling is abundant in Massachusetts, where 48 percent of residents have a credit score that’s considered subprime. There’s already a legion of nonprofit credit counselors who work to modify terms and gradually bring clients’ finances under control. Quick debt fixes, like the ones offered by debt-settlement firms, rarely work. In legalizing them here, the Legislature would be sure to create a new category of financial victim. The Senate should stand up for consumers and keep for-profit debt-settlement firms out of Massachusetts." (The Boston Globe)
Read our original article here, and the Globe editorial here.
