This article according to the Chicago Times:

We have all seen the tan-talizing ads promising economic salvation. For the indebted among us, they are oh so tempting.

" Be completely Debt Free in 12-36 months!
" Debt Settlement can help you save thousands!
" Picture yourself debt free!

Your gut is right on this one: Its almost to good to be true.

Much of the so called debt settlement industry in Illinois, and across much of the country, resembles the wild west. The industry- which , for a significant fee, works with credit card companies and other creditors to reduce debt for consumers drowning in it-has exploded in the last few years.

And it faces almost no regulation in Illinois. There are no licensing requirements , no caps on fees, no rules forbidding deceptive advertising practices. That must change, which is why we support , in concept a bill backed by Attorney General Lisa Madigan that tightly regulates the industry. The bill has passed the Illinois House and now faces uncertain prospects in the senate.

We like much about the bill , including its strict approach on licensing requirements, refund requirements, public disclosure and its band on deceptive advertising promises. But we fear it goes to far in limiting the fees debt-settlement companies can collect.

The debt-settlement industry worries this will put legitimate firms out of business. We don't think the industry is crying wolf.