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Credit Card Debt Forgiveness Act

Since the debut of the Credit Card Debt Relief Act in 2010, there have been many questions regarding the program and what exactly it means to have your credit card debt "forgiven." Credit Card Debt Forgiveness Act The credit card debt relief program makes it possible for consumers to get 50-60% of their credit card debt erased. With Obama's stimulus package relieving many corporations, banks, and credit card companies of burgeoning debt themselves, the lenders were encouraged to pass on the relief to their debtors.

If a card holder was in debt by $10,000 or more, they became eligible to have half or more of their debt "erased." That means that not only did they not have to pay back their creditors, it also meant that their credit score would not be negatively affected (by going through a bankruptcy).  

It also gave them an opportunity to work with other creditors to resolved their remaining debt.

Credit Card Debt Forgiveness Act: Solutions

The credit debt forgiveness plan gives people a solution to get out from underneath their pile of debt that is suffocating the life out of them and their family. Unfortunately, right now in this country, millions of people have to choose - on a daily basis - between paying their bills and keeping a roof over their family's heads.

This plan gave people just the chance they needed to get their financial feet back on the ground and avoid bankruptcy - or even foreclosure and repossession.

Credit Card Debt Forgiveness Act: How to get help

Bankruptcy is mostly due to credit card debt, and unfortunately it is at an all-time high. The economy is not the only financial problem our country is facing. Burgeoning credit card debt due to unpaid creditors, or total defaults on credit card agreements have led to the collapse of banks and lending corporations of all types.

It is up to you to take control of your financial situation, and you can do this by getting a lawyer that can help you consolidate your debt, or getting debt counseling and relief from one of the many agencies out there that specialize in credit counseling, and credit card consolidation.

Remember, the credit card forgiveness act can help you legally "erase" up to half of your debt, and help you meet and exceed your financial obligations. Free information is available online about this program - which can free you up from the heavy burden of credit card debt.

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