Federal Debt Relief - Are There Really Government Credit Card Debt Relief Programs?

Aug. 3, 2010 - PRLog -- The current economic situation is by no means a good one and there are a lot of people struggling with monthly bills and debt. This tough situation has sparked the need for legislation that will protect consumers from accumulating too much debt and that will also help eliminate a lot of the debt that already exists.

To meet this demand, the government has created not only debt relief methods that eliminate much of the risks and consequences of bankruptcy, but also measures to regulate the actions of creditors. Many of them fail to realize that it is best to cooperate in order to avoid disastrous situation instead of trying to maximize their profit by taking advantage of their customers.

The credit card act does exactly this: makes sure that clients are protected from debt that can accumulate without warning. It states that there is now an actual limit to your credit card that cannot be passed; in the past, if you went over your limit you were not told about it, but got charged with a substantial fee and before you know it, your debt is through the roof.

Also, now you will not accumulate debt or have your interest increase if you are a couple of days late on your payment, as a creditor is required to wait for sixty days before doing that. And if you are unable to pay on time on a certain month, then you can still get your original interest level back by paying on time during the next six months. You will also have the option of rejecting pre-approved credit if you do not want it, without this having a negative impact on your credit score. This means that the authorities are trying to establish a more proactive approach towards buying credit by encouraging clients to go looking for the best option for them, instead of just accepting offers they get.

All in all, there are plenty of things being done to keep debt under control and eliminate it altogether and the most important thing now is to focus on keeping the economy going through this time of need.

Debt settlement is a viable alternative to filing bankruptcy. Most consumers are able to eliminate at least 60% of their unsecured debt while avoiding many of the negative consequences with filing bankruptcy. If you are over $10k in unsecured debt you will be eligible for debt settlement. To locate legitimate debt settlement companies in your state check out the following link:
Free Debt Advice
(http://www.CreditCardDebtFighters.com)
Contact us for free debt advice = 8883613619