Obama credit-card-debt-relief

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There have been some articles doing the rounds on the internet which refer to the Obama credit card debt relief bill. My advice to you is to simply ignore their wild claims, because there is no such thing as the “Obama credit card debt relief bill”. Indeed, most of the claims attached to this bill are wide off the mark and are only being used as a way to hook gullible readers into singing up to a credit card debt settlement program.
Amongst the many more extravagant claims, being made on these articles, are suggestions that the credit debt settlement company can only charge you a fee if they manage to reduce your debts by more than 35%. Some even claim that the government is going to personally underwrite up to $10,000 of your credit card debts.

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Obama credit-card-debt-relief

  1. 1. Exposed The Obama Credit Card Debt Relief Bill By Dermot Farrell Copyright © 2012 http://www.creditcarddebtsecrets.orgThe Secret Behind Credit Card Debt – Copyright 2012 – http://www.CreditCardDebtSecrets.org
  2. 2. There have been some articles doing the rounds on the internet which refer to the Obamacredit card debt relief bill. My advice to you is to simply ignore their wild claims, becausethere is no such thing as the “Obama credit card debt relief bill”. Indeed, most of theclaims attached to this bill are wide off the mark and are only being used as a way to hookgullible readers into singing up to a credit card debt settlement program.Amongst the many more extravagant claims, being made on these articles, are suggestionsthat the credit debt settlement company can only charge you a fee if they manage to reduceyour debts by more than 35%. Some even claim that the government is going to personallyunderwrite up to $10,000 of your credit card debts. Is There Such a Thing as the Obama Credit Card Debt Relief Bill?So, let’s get this straight, there is no “Obama credit card debt relief bill” nor is thegovernment going to underwrite anyone’s personal debts. In reality, back in September2010, the Federal trade Committee (FTC) made some astounding changes to the credit carddebt relief law in an attempt to counter the abuses which were taken place by some creditdebt relief companies.These rogue credit debt settlement companies where charging high upfront fees and thenunder delivering on the debt relief. Because there were so many credit card debtors signingup to the their programs, some of the credit debt relief companies simply acceptedeveryone’s case, regardless of the possibility of making a reasonable debt settlement. Theydid this because, regardless of the result, the debt settlement company would make a profitsimply by charging upfront charges and servicing fees.As a result of this, in 2010 the FTC made amendments to the credit card debt law so thatthe credit card debtor now has substantial financial assurances, if they decide to sign up to acredit card debt settlement program.So what changes have come about as a result of the new amendments to the credit cardlegislation?As a result of these changes, the credit debt relief companies cannot make upfront charges,rather they can only charge a fee once they have significantly reduced at least one of thedebtor’s credit card bills.Indeed, they can only receive the fee once the debtor has made at least one payment to acredit card company which the debtor has agreed to settle with. Also, the bill and the feehave to be proportionate to the amount of debt which has been reduced. Furthermore aspecial bank account is set up, upon signing up to the credit card debt settlement program,which is the credit card debtor has control of at all times. The Secret Behind Credit Card Debt – Copyright 2012 – http://www.CreditCardDebtSecrets.org
  3. 3. What Happens to Me as a Result of Changes in the Credit Card Debt Relief Legislation?As a consequence of the changes to the credit card debt law, the debtor who signs up to acredit debt settlement scheme can do so without any fear of been abused by the credit debtsettlement company.Sadly, the credit debt relief industry is filled with misinformation, because of commissionhungry organizations and individuals who will feed you any kind of waffle in order to get yousigned up to their credit card debt settlement program. Such claims as the ones mentionedearlier do not help as they only end up confusing the credit card debtor and creatingunrealistic goals which cannot be achieved. At the end of the day this results in the debtorbecoming disillusioned by the process.In reality, credit card debt settlement is a great form of credit debt relief for a certain kindof debtor, but not every single debtor. So what kind of debtor will benefit from a credit carddebt settlement plan?Usually, credit card debt settlement is most suitable for debtors who are thinking of filingfor bankruptcy or who would prefer another credit debt relief option, as long as they don’thave to file for bankruptcy. If this is not your profile, then consider other credit card debtrelief options. However, if this sounds like your situation, then go ahead because in themajority of cases credit card debt settlement produces a better outcome than bankruptcy.Also, if you are considering debt settlement as a possible credit debt relief option thenplease do your research. It is vital for you to take responsibility for your own financial future,which means that you have to overview the credit card debt settlement process. This meanstaking a little time out to learn about credit card debt settlement, what it entails, what tolook for in a reputable debt relief company, and how best to make the most of the process.Forget President Obama and the Obama credit card debt relief thing. When it comes tosettling your debts, you have to take responsibility. However, thanks to the recent changes inthe credit card debt law, as long as you take these strategic steps, you can make the greatcredit card debt relief savings, via a credit card debt settlement program. The Secret Behind Credit Card Debt – Copyright 2012 – http://www.CreditCardDebtSecrets.org

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