Help for Credit Card Debts by Using Crucial Info Offered By Obama CARD ACT

July 7, 2010 - PRLog -- Most credit card borrowers are at a loss to understand the first step to getting a credit card debt relief is to realize the specifics of their unsecured debts. The Obama CARD Act goes a long way in providing new information about credit card debts to borrowers who find themselves engulfed by excessive credit imbalances. Thereby, it is very much imperative for credit card users to primarily know how much amount is owed and what time period is required to repay all the outstanding unsecured dues. But the process requires you to do some math in order to help you determine the interest rate you could afford to pay through a payment plan to get rid of the excessive high interest credit card debts. That precisely underlines the need to avail professional help offered by reputed agencies like LoansStore or even Christian debt relief services that work on a non-profit basis, which could enable you to get out of your debts much quicker.

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There are two ways by which you could secure relief from your credit card debts under rules and regulations of the Obama CARD Act. To get out of your credit card debt quickly and save money, you could avail any of the two below mentioned strategies.

1. Unsecured debt consolidation loan
One of the best ways to manage credit card debts is to consolidate all the outstanding credit card dues and pay them off with a new loan secured at a much lower rate of interest. The new loan finance could be then repaid with single affordable monthly installments that are quite easy-to-pay. Such a strategy could work well if your credit card debts are significantly higher. But prior to devising a plan it is important for you to formulate a monthly financial budget.

2. Debt settlement through negotiation
In case your number of credit cards is less, you could settle your credit card debts by clearing off one debt at a time. By paying more than money than the minimum required on each credit card, it is possible to do away with the debt much faster. Alternatively, you could also seek the help from a debt counselor who could negotiate with your creditors to waive off or reduce late fees as well as even interests and pay back each of your credit card lenders with a single monthly payment every month through an escrow account. Thus, you can be debt free within a stipulated time frame.

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You could work out a monthly budget by utilizing the crucial information provided by the Obama CARD Act. This could invariably enable you to tackle your debts in a much better way and save more money in the long run. To get more information on the CARD Act and also regarding different debt relief programs available at your disposal, it is recommended to use the non-profit services of reputed service providers like LoansStore.

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