subject: Obama's Debt Relief Plan - What it Means For Your Credit Card Company [print this page] Obama's Debt Relief Plan - What it Means For Your Credit Card Company
The devastating results of the recent economic crisis for credit card debtors can now be turned into a stable situation because Obama's Debt Relief Plan is helping them to come out of the fierce clutches of their credit card debt and start living a debt free secured life. These debt settlement plans have brought new signs of debt recovery for the creditors and get rid of the debt for the debtors. As mostly debtors were trying to file for bankruptcy and leaving the creditors for foreclosures, the government intervened in this situation and devised a Debt Relief Plan which is beneficial not only for the debtors but also for the creditors.
The stimulus money in the shape of bailout packages has enabled the credit card companies to offer debt relief programs supported to avoid any further foreclosures because it will have very devastating effects on the general public and the investors as they can lose their confidence over the whole financial system. Now, your credit card company will facilitate you in awarding you debt settlement, if you have incurred more than $10,000 of the credit card debt and are facing severe difficulties in its repayment. You can get reduction to more than 50 percent of your debt and the remaining balance can be paid in affordable installments or in lump sum based on the specifications of your case. You can hire any competent relief firm to get concrete results of this debt relief plan.
These debt relief firms will work on your behalf and provide credible assistance in the negotiating process with your creditors. This debt relief program is very vital not only for you but also for your credit card company because they do not have to charge any more interest to keep their customers in the clutches of fierce debt which was increasing by each passing day due to interest rates charged over them. This debt relief plan is a sigh of relief for both the creditors and the debtors because now the creditors can recover their debts which were mostly sunk and the debtors can repay it instead of filing for bankruptcy.
Debt settlement is the best alternative to bankruptcy and usually makes financial sense for consumers with over $10k in unsecured debt. Consumers can expect to eliminate 50% of their unsecured debt on average.
