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Credit Card Debt Relief Programs

February 9, 2012

Credit Card Debt Relief Programs

credit card debt relief programs

Credit card debt relief programs generally assistant you with 3 or 4 different options, all of which are to lower either your debt total and/or your interest rate as well as can deal with extending the timeframe of your repayment period. Programs offering credit card debt relief can focus on one specialty of debt relief or multiple, which the option can consist of:

Credit Card Debt Negotiation – Now this can consist of both negotating your debt total as well as your interest rate. The main goal is lowering your interest rate as this will allow you to pay more debt off as more money will be going towards paying your debt prinicpal resulting in less money needed to cover the interest.

Credit Card Consoliation – This is for those who have debt with multiple creditors and are having trouble making the minimum on one or more of them. What happens here is that a credit card debt relief program will either pay off your creditors and then you will have to pay them back in the form of a loan that they lend you, which results in only having to pay one payment each month. This method can come with having to offer collateral which if you do not pay your monthly payments the collateral can be taken from you to cover for what you owe.

Credit Card Settlement – This typle of credit card relief program consists of when a large payoff is negotiated, which one pays off the entire debt at one time but the debt is often negotiated to around 30% to 50% less.

Obama Credit Card Debt Relief Programs

If you have ever came accross the topic of Obama debt relief and were skeptical, it is understandable but in actuality is is a real debt relief program offered to those who fit a certain debt criteria. In general in order to enjoy the Obama credit card debt relief program, you must be a minimum of $10,000. US ecomomy stimulation as well as debt burden reduction on the American population were the main goals of the Obama Debt Relief Act which was founded in 2009. The plan offered a total of 797 billion dollars all of which credit card debt relief companies have access to which is to be offered to those who are experiencing this debt. The way to learn more and possibly utilize this credit card debt relief program is to consult the services of a settlement company and ask them if the plan can apply to your debt situation.

Credit Card Debt Relief Programs Conclusion

Participating in one of the credit card debt relief programs can be fairly expensive and can result in having to pay interest payments on what you owe to the company you are doing business with if you go into debt with them. Considering this, you can attempt to do these debt relief methods by yourself, which can bring the same results as well as not having to consult a professional, which can be pricey as well as time comsuming as credit card debt relief programs often take months to begin. Doing it yourself can also result in a better chance to enjoy debt relief as well as better results as lenders would often rather deal with you directy instead of having to deal with a credit card debt relief company. This may require that you show good faith for a couple months and make on time payments, but it can work to your advantage as consulting professional assistance doen’t gaurantee that they will be successful in your debt relief.

If you end up seeking professional assistance, make sure that they are reputable which you can do so by browsing thorough forums on the specific credit card debt relief programs that you are thinking about working with, and especially verifying them through the Better Business Bureau whom maintiain records on reputable companies as well as scams. Debt relief in general no matter how you go about it can significantly reduce stress as well as offers a repayment that you can pay off in a fraction of the time, getting you out of debt and in the green faster as well as keeping you from having to file bankruptcy.




Debt Relief Act – The Credit Card & Mortgage Debt Relief Programs

November 4, 2011

Debt Relief Act

debt relief act

The Debt Relief Act, also known as the the Credit Card Debt Relief Program and Obama’s Debt Relief Act among many others, was founded by President Obama in 2009, as a way for individuals who have over 10,000 dollars of unsecured credit card debt, to receive relief in the form of a large percentage of their debt essentially wiped away. The total amount that Obama set aside for the Debt Relief Act was 797 billion dollars which the sole purpose was to stimulate the US economy due the millions of people who were laid off and as a result had to use credit card resulting in debt . The percentage of debt forgiven can be up to 50 to 70 percent of the entire debt total and was founded with the mission of reducing financial burdens placed upon Americans, as well as provide a reputable as well as credible source of debt relief being that there are so many scams out there.

How Debt Relief Act Funds Are Distributed

In order to begin the Debt Relief Act, the money for the program was disbursed in the form of tax rebates to firms as well as debt collectors, who were in a frenzy over delinquent account and were looking for an alternative when it came to getting their debtors to pay their debt off. Being that these corporations now have this extra funding, they can now offer to those who are paying their debts to them, debt settlement in which their debt is cut by a large percentage and only have to pay now on a fraction of the original sum.

How Consumers Can Benefit From The Debt Relief Act

If you happen to have credit card debt that has exceeded the total of 10,000 dollars and are looking to benefit from this revolutionary program, the best thing to do now would be to meet with a reputable credit card settlement company and inquire through them about using the Debt Relief Act for your personal situation.



The Mortgage Debt Relief Act was started in 2007 and focused on offering a remedy to the traditional rule that you must be taxed on any amount of mortgage debt that was forgiven from the lender that you borrowed from. This act is specifically for those who had debt forgiven due to foreclosure as well restructuring mortgages, in which borrowers used the cancellation of their mortgage debt to either; to purchase, build, make improvements to the home as well as and debt the resulted from these actions, as well as certain cases of one refinancing their home. Under this new debt relief act, the individual who received forgiveness on mortgage debt, no longer had to pay tax on up to 2 million dollars of forgiven debt, or 1 million if a couple is filing separately from one another. The program is set to run through 2008 to 2012 and specifically states that one can claim any amount of money that was lost on either the sale as well as the foreclosure of the home.

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