Debt Relief News - Obama's New Anti-debt Legislation Explained

The present government has taken many steps to help you overcome your debt problems

. Whether these solutions will work or not is completely different question. The stimulus package, according to many experts, is a very bad move. The health reform, according to even more experts, is an even worse move. Well, check out the latest attempt of the Federal government to solve the credit card debt problems of individuals.

The Card act focuses on various malpractices and unfair practices of credit card issuers and tries to protect average individual from the same. This act offers help to all those who are suffering from an uninformed reduction in the grace period. The law states that each and every statement must be mailed at least twenty one days from the date of payment. Even if you lose one week in mail, you can be rest assured that you will have two weeks in your hand when you receive the credit card statement.

If your credit card issuer has reduced the grace period, this will still give you adequate time to overcome your immediate cash flow crisis. Further, the law also provides that each and every change in the policy of the card issuers that affects the credit card holder must be specified in advance.

What is more, the average credit card issuer is given the opportunity of freezing his or her account. Just take a look at the credit card in your hand today. Was it the card that you were sold a few years ago? Chances are high that your card has changed beyond recognition. The interest rate must have increased. The grace period must have come down. The fees and administrative charges must have increased and the credit limit to must have been cut.

This means that the average individual has a completely different product in his or her hands. This is very unfair. What the legislation does is that it makes it mandatory for the average individual to be given forty five day notice to either accept the changes or reject the same.

If the changes are rejected, you can be rest assured that your problems will come to an end. When you inform the credit card issuer that the changes are unacceptable, the card will be frozen and you will have to repay the balance amount in a phased manner. This is a huge improvement as you now have a choice.

If you are one of the millions of Americans who has over $10,000 in unsecured debt, it is time you found out about the debt settlement options available to you. Due to the current economy an overwhelming amount of people are in debt, creditors are having no choice but to agree to debt settlement deals. To get free debt help click the following link: Free Debt Help

Visit http://www.free-debt-relief-advice.com

by: Satyendra Mishra

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