subject: Obama Debt Relief For Credit Card Debtors - Fact Vs Fiction With Obama Debt Relief [print this page] Obama Debt Relief For Credit Card Debtors - Fact Vs Fiction With Obama Debt Relief
Fiction about Obama debt relief is advertised so well that it is considered a fact. Actually there is nothing true about Obama debt relief for credit card debtors. Obama a signed new bill of Federal Trade Commission regarding credit card debts but no relief program is personally initiated by United States president. According to this fiction, Barack Obama has provided millions of dollars to credit card companies so that they can provide relief to their debtors through settlement process by eliminating their debts.
Federal Trade Commission's new Act states that settlement companies cannot ask for any upfront fees. They are not eligible for taking their fees unless and until they do not provide satisfactory settlement deal to their clients. Moreover, bankruptcy filing process has been made much more complex so that people can be encouraged to settle their debts instead of ruining their future lives and causing great loss to credit card companies.
Obama debt relief for credit card debtors is related to FTC laws. It is more like a permission that was granted by United States president. Still many illegal and shady companies are advertising this false news that government has provided a very large amount of stimulus to credit card industry which has made debt settlement program possible for them.
In reality, settlement process has been improved just by removing the upfront fees. Moreover, mounting number of bankruptcies has also forced creditors to work out on the settlement process. Everything that glitters is not gold. Similarly, such glittering promises are used to entice innocent people. Once these people sign contract with such companies, they keep on asking for different kinds of charges and in the end people are left with more debts.
Obama debt relief for credit card debtors provides certain set of rules and regulations that make the settlement process easier. Although FTC is still not satisfied with the current performance of settlement companies yet number of complaints against this process has reduced significantly.
If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals. To find legitimate debt reduction help in your state and get free debt advice then check out the following link.
