subject: Relief From Credit Card Collectors - Credit Card Debt Forgiveness Program [print this page] There is a clamor today not only in the US consumers but even worldwide of the very difficult financial situations that the people are encountering in these current times. The greatest uproar is many people cannot make their both ends meet because many have lost their jobs and consequently they cannot pay their obligations; hence, they need help - serious help.
This nonpayment of debt have led to an unfavorable effect on some business sectors and one of these industries which are confronting problems of collecting payment is the card industry. One of the main reasons that many of the Visa card holders are weighed down by their debt is thanks to the preposterous interest rate imposed by the card firms.
Many are convinced the rate of interest of roughly 222% imposed on the acquired amount by the Mastercard firms are thought to be as subhuman, unethical and impractical.
It is quite cheating when cards are offered to potential clients because most frequently credit cards are dropped at your office or houses without even asking for for it. Additionally it is given for free but without your understanding it is included in your monthly billing. It is unlucky that there isn't any clear reason on the interest rate charges and other penalties and they should be partially blamed on this problem.
Thus, the reason for the difficulty of ballooning Visa card debt of the clients may also be partially traceable from the card corporations who are promoting imprecise card programs not exposing its valid point. It is kind of comprehensible that shoppers of the Visa card corporations are asking for for a relief of their debt and many of us clamoring for the governing body help.
Hence, several years ago the U.S. Congress enacted a bill which is called the National Economic Stabilization and Recovery Act (NASARA) whose purpose is to forgive the debt of the credit card holders.
Thanks to the massive influence of the some businessmen in the business they were successful in purposely holding its implementation and therefore the law hasn't been put into effect.
Even without the law the credit card companies should heed this call of credit card debt forgiveness as part of their social responsibility towards their customers. Anyway they have grown to this level of becoming one of the most viable businesses and this should give due consideration on this request.
