Obama credit debt relief programs

Be careful. There are companies who mislead and prey on your vulnerabilities, promising quick debt relief solutions, or programs that do not exist. Just like the magician who pulls a rabbit or credit card from his hat, unreliable debt relief companies pull out programs that do not exist.

Unscrupulous companies advertise as if there is a government debt relief program that will erase your debts without any adverse consequences. What these companies really want to do is sell you a debt relief or bankruptcy program. The purpose of the act was to increase transparency in the way the credit card companies do their business, including clearer statements to consumers, and more advanced warning about rate changes.

The Credit Card Act of aimed to create a fairer relationship including no more unfair rate increases retroactive rate increases, a first-year protection , no more unfair fees ban fee traps, no double-cycle billing, restrict fees on subprime cards and using clear, understandable language in their disclosures.

For more information read the Bills. Since many people with debt problems have credit cards, marketing schemes were created around the Obama Credit Card Act. It was an easy step to take out the word Act and make it the "Obama Credit Card Debt Relief Program" and "voila", like the magician, a new program was created out of thin area.

Reliable debt settlement companies do exist. They offer valuable services to help you get out of debt by negotiating settlements with your creditor. The program is not for everyone. The Obama credit card debt relief program is the stimulus plan that helped American companies get out of financial disaster. And many are saying that it now the benefit applies to you. Yes, you can legally consolidate your debts, but this program is not about reducing personal debt.

With the recent recession, many Americans have gone into deep debt and for many of them, there is not a way out very near because of their credit debt. Obama's protection for credit card debt relief is what many Americans think they need in order help get them out of debt once and for all.

That's a big improvement over the first quarter's 6. Most of the success was due to the stimulus package. By March , expansive monetary policy had done all it could. It was evident more fiscal policy was needed. No doubt, the economic stimulus package inspired the confidence needed to turn the economy around. Obama's biggest challenge was to create enough of a stimulus to soften the recession, but not big enough to raise further doubts about the ballooning U.

Unfortunately, the plan was blamed for doing both. Even so, the stimulus plan was not condemned as much as health care reform, Medicare, and Medicaid for the debt. Obama's tax rebates were supposed to encourage consumer spending, but many experts doubted it. The rebates showed up as lower tax withholding. Unlike the Bush tax cuts, workers did not receive checks. As a result, most people weren't aware they got a tax rebate.

The stimulus for small businesses helped create jobs, increased lending from the Small Business Administration and community banks, and reduced capital gains taxes for small business investors. The aid helped, but many states were so underwater that their losses outweighed the federal assistance.

The public works construction was the most publicized. Signs were posted wherever stimulus money was used to construct roads or public buildings.

Second, the Economic Stimulus Package included tax write-offs for small businesses. If you have a debt in collection or a collector is attempting to contact you, it can make a tense time feel even more stressful. Learn more about your debt collection rights, including how to contact and negotiate with collection companies. Information should be considered accurate as of the blog publish date.

Join the conversation. Skip to main content. Waiving or refunding late fees If you miss a payment, your credit card company would generally charge you a late fee.

Here are important steps to requesting relief. Are there fees associated with these options? How long does the relief period last and when will I need to start repaying my bill?