The Credit Card Debt Act – Take Advantage Of New Laws To Eliminate Debt

The Credit Card Debt Act Take Advantage Of New Laws To Eliminate Debt

With consumers finally getting some relief from the practices of the credit card companies, we present to consumers their relief options from credit card debt itself.

Credit card relief has arrived for consumers today in the form of the new credit CARD act signed into law last year by president Obama. The protections offered to consumers via the new law include a greater transparency and greater disclosure from credit card issuers regarding rates and fees.

But not all is rosy as it seems, and credit card debt relief programs are more in need today than ever before. Though the new credit CARD act bans arbitrary rate increases, the credit card issuers have been quick to raise fees across the board, whether a customer has been a good customer or not.

Could consumers expect anything else from the credit card companies?

Additionally, many credit card companies have adjusted their previous minimum monthly payments required of customer from 2% of the total balance owed to now 5% of the total balance owed. This has caused tremendous hardship for consumers with large balances, i.e. $10,000 or more. Consumer advocate Total Debt Relief wishes to educate consumers and businesses as to their credit card debt relief options.

While the credit CARD act certainly is good news, it doesn't offer any kind of debt relief to card holders. The good news is that there is an entire industry devoted to achieving credit card debt relief for consumers and businesses. These industry professionals are fully versed in the latest changes in the law and are highly skilled at obtaining much-needed debt relief for hard-working Americans.

One of the latest and most successful of these credit card debt relief programs is known as debt settlement. Here's how it works:

A debt settlement firm acts as an arbitrator between the consumer or business in debt and their creditors. In most cases, debt settlement can achieve debt elimination of 50% or more. This is debt that is negotiated away/forgiven and never needs to be repaid. This debt relief is achieved without the taking out of any kind of loan with bankruptcy.

That being said, bankruptcy does have it place in the debt relief sphere. But overall, it should only be considered as the option of last choice; the Samson option, or the nuclear option, as it were. Bankruptcy has many harsh consequences which it unleashes on the consumer who files for bankruptcy.

POST COMMENT

Credit Card Debt 2010 - Are New Bankruptcy Laws Working to Reduce Debt? Does Studying Abroad Payoff ? Or is it a waste of time and money My New Job Wishes-I hate My Job and Wish I Could Quit Where can find discount new styles dolce & gabbana shoes? Live Tampa Bay Buccaneers VS New Orleans Saints NFL Week 17 online stream on January 2, 2011 Investing Legend Visits New Zealand Dog Harness For A New Dog First Visit of a New Baby to The Doctor Celebrate the New Year at Home Blackberry Applications For The New Me Building A Successful New Home Based Business Opportunity Celebration Of New Year or Last Year Email Recovery Tips For Businesses In New Jersey