Obama Credit Card Debt Relief

I have been writing many articles about the credit industry and now, a new and popular trend that we have been seeing is the search for an “Obama credit card debt relief program”. In this article we would like to discuss exactly how you can get a portion of your credit debt erased by taking advantage of the solution that the United States has put forth since the beginning of this year.

Many American consumers who hold credit cards are not aware of these tactics as they have been educated by Visa and MasterCard. The days of credit card companies charging an exorbitant amount of interest is coming to an end.

Did you know that 95% of all bankruptcies result from credit cards? This does not have to be, especially when there are private companies that used to work with private clientele that are now releasing free information to the public that can help you get rid of 50% on your credit card balance.

This might be surprising to hear, but the federal government provides a wealth of information to consumers free of charge. Get started with their easy-to-navigate website, located at USA.gov. This is an official government website that has accurate and updated information. You can get information on financial scams, personal finance tips, and more. While you won’t find free money handed out, you will get a wealth of valuable information.

Looking out for consumers

Obama plans to create a Consumer Financial Protection Agency to revamp the current Federal regulatory system by overhauling the entire mortgage process, monitoring the financial products that are made available to the consumer, and bringing about long-term improvement. This scenario includes a $50 billion dollar program that would help lenders to modify existing home loans and lower monthly mortgage payments for consumers, paving the way for affordable housing.

If you are currently in debt for over $10,000 it would be a financially prudent decision to hire a debt settlement company for credit card debt elimination. On average, consumers can expect to settle for 20 – 30% of their current credit card debt with the help of a debt settlement company. You could try to take on the credit card companies yourself but a debt settlement company is much better positioned to negotiate the best deal. Also when you hire a debt settlement company, your creditors are no longer allowed to call you for collections. Instead, they must talk to your debt settlement company of choice.

Obama’s stimulus money was initially lent to large financial firms and many consumers on Main Street were outraged that they were not the ones being bailed out. Well, that argument has lost credibility as it is becoming very clear that the stimulus dollars have in fact reached Main Street and are helping people eliminate their unsecured debt. Creditors are using this stimulus money to make up for losses they are experiencing through debt settlements. Therefore, they have much more flexibility when negotiating a debt settlement.

When you apply for the grant, you will have to wait to be approved (not all applicants are approved) before getting the grant money. This should help you get back on solid ground and re-establish what credit you have.

Once the debt is paid off, you want to make every effort to make sure you don’t reach this situation again. You can do this by creating a budget. Creating a budget does take time, but it’s the best thing you can do to stay in control of your finances. The budget doesn’t have to be fancy and you can find examples on the internet for one that best suits you.

If you want to get out of debt and hire a debt settlement company for debt negotiation then I have an important piece of advice. Do not go directly to a particular debt settlement company but rather first go to a debt relief network who is affiliated with several legitimate debt companies. In order to be in the debt relief network, the debt settlement companies must prove a track record of successfully negotiating and eliminating debt. They must also pass an ethical standards test. Going through a debt relief network will ensure that the debt company you are provided with is a legitimate and respected company. This is the most efficient way in finding the best debt settlement companies and increasing your chances of eliminating your debt.

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