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Credit Card Debt Relief Act 2010

Economic downturn. National financial crises. Overwhelming debt. These are common terms of our day. Credit Card Debt Relief Act 2010! Credit Card Debt Relief Act 2010

Credit Card Debt Relief Act 2010

What is it? Also known as Obama's Credit Card Debt Relief Program, this was the one-swipe-takes-care-of-all, get-your-debts-erased-now plan. In a nutshell, this program gave debtors the ability to erase up to 50-60% (or some even as high as 70%) of their personal credit card debt. How was this possible?
  • First, President Obama was basing this plan on the hoped-for results of the stimulus package that was poured into the American economy, and
  • Secondly, with the economy now swelling with stimulus bail-out help, and creditors were at the top of the list to receive that help...he believed most of them would be happy to pass on the "savings" to debtors.

credit card debt relief act 2010 - How does it benefit consumers?

How you could benefit from the plan?
  • If you carry over $10,000 in unsecured credit card debt - you could get it erased up to 60%--or even a little more.
  • It promises that your credit score would not be negatively affected (by having to file bankruptcy).
  • It gives you the chance to financially catch your breath while working with credit card holders on resolving your remaining debt.

Credit card debt relief act 2010 - Can it help me?

If you are one of the many Americans facing foreclosure or repossession or bankruptcy, you need to read on. Credit card companies know something about you before you even apply for one of their cards- it becomes very easy to be careless, or even negligent with handling a credit card.

They not only know this and understand it--they use it for their advantage.

How is it they do this?

With skyrocketing interest rates, credit card holders know that by issuing you a card for even a small amount--say $1,000, they will make tens of thousands of dollars off you--through many years of interest rates, late fees, overdraft fees...and the list goes on.

With Obama's credit card relief program, it is now perfectly legal to get more than half of your debt erased. Even if that is only $5,000,(half of $10,000), then don't you think you will sleep a little easier at night?

Also, knowing that creditors, collection agencies, and phone thugs can no longer harass you on a daily basis--this sounds like a good night sleep, indeed!

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