The term "credit card bailout for consumers" is loosely thrown about today. The reasons are clear: Americans today are simply awash in and otherwise drowning in credit card debt. The TARP program recently came to a close, and this program has much to do with the term credit card bailout for consumers.
Consumers strapped with credit card debt have watched with anger and frustration as their elected officials categorically dismissed taxpayer sentiment and voted in favor of the Wall Street and big bank bailouts, yet very little was done to aid working class Americans who continue to struggle with debt and struggle to make ends meet on a daily basis.
Voters will no doubt take revenge on these elected officials in the upcoming mid-term elections.
During enactment of the TARP bailout programs, consumers began to wonder aloud in louder and louder voices, inquiring and blogging about the possibility of a credit card bailout for consumers. Yet once again - elected officials dismissed the needs and concerns of theirconstituents and even considered bailing out banks that were suffering credit card losses - yet not lifting a finger to help consumers.
Fast-forward to today and we find the current landscape as such: the TARP bailout program has just concluded, and while a credit card bailout for consumers has never been placed in motion on Capital Hill, consumers are nonetheless taking part in credit card debt relief programs which are helping many to effectively settle their accounts for a significantly lower amount, or reduce interest rates, penalties, and other fees.
We hope this explains the meaning of the term "credit card bailout for consumers", what it means, and what it does not mean.
