Fact: The average American family now almost carries an average of $10,000 in CC debt. The debt relief act of 2007 helped to stop some of this, but not all. Obama has also been working on getting tighten reigns on creditors. Now this program has been coined a new name, the Obama debt relief act, because of his bailout of the credit and automotive industry.
Financial institutions are now reducing the credit card debt for most people. The problem is that most people have over $10,000 in debt, so it’s still quite a lot of money owed, even when it’s halved. Here’s a few facts about debt:
Fact: If you have $10,000 in credit card debt, it will take you your entire lifetime to pay it off fully. Fortunately, what is know and the "credit card relief act" and "debt relief act" by private companies that help erase consumer debt in the USA.
Fact: One thing most people don’t know is that credit card companies intentionally work to keep their users in debt. Cards are made to where you can’t ever pay off the debt when making minimum payments.
Fact: The Obama credit card changes are working to help the average American to get out of debt by putting tighter reigns on your creditors.
Fact: It’s not unusual to see an American with $20,000 in credit card debt. Much of this was due to overdraft fees and many other penalties. This is why Obama’s new credit card bill was passed.
To help people like you to get out of debt, and stay out of debt! Now that you know these things, the next step would be to try to get out of debt as fast as possible! The Obama credit card reform bill does not bail you out, but there are many private companies that can help you get out of debt so you can stop paying high interest fees!
You can now legally and ethically reduce credit debt. There is no reason to stay in debt when you do not have to be.
Take advantage of your rights to consolidate your debts!