subject: American Debt Relief – How To Take Advantage Of Government Debt Relief Help [print this page] Do you know that Americans are in debt of billions of dollars to credit card companies? Are you aware of the fact that millions of Americans are burdened with ballooning credit card debts? Recent observers state that the past couple of years have witnessed the highest rates of accumulation of delinquent credit card debts. Ahead of the present financial stagnation, a high percentage of Americans' budgets were hit hardly throwing thousands into a vicious circle of accumulating debts. Government assistance in paying off credit card debt is a life jacket to many citizens who are drowning in debt.
Obama has decided to offer many solutions to debtors who aren't capable of repaying their credit debts. The new president is pumping more federal funds into pre-existing non-profit federal agencies which offer debtors indispensable resources and advice about credit debt settlement, modification and consolidation. Some of those agencies can even offer free credit loan counseling. The Association of Independent Consumer Credit Counseling Agencies (AICCCAA) is a perfect non-profit organization that offers debtors convenient solutions free of charge. The AICCCAA helps credit card debtors choose the right way out of their problems.
If you are repeatedly failing to pay your credit card bills, you are in a real problem and should choose one of the following solutions:
- Consolidation loans: Credit counseling agencies help debtors get one or more loans to pay off their credit card loans. Consolidation loan are of lower interest rates and are usually amortized over extended periods that might reach up to 40 years.
- Credit card debt modification: If your counseling agent sees that modification of your credit debt is your perfect fit, they would ask your creditors on your behalf to reduce your monthly payments. A debt modification can decrease the interest rates, re-amortize the loan over longer periods or even drop a percentage of the owed sum.
- Bankruptcy: declaring Chapter 11 bankruptcy can sadly be the sole way out of debt, but would mean that all your assets would be sold to compensate your creditors. Moreover, declaring bankruptcy badly affects the reputation of the debtor.
Federal funds sometimes pay off portions or even whole credit card debts; however, the funds are offered to limited numbers of low income debtors. Government assistance in paying off credit card debt is a sanctuary to debtors who are wrestling their credit card companies. Thousands of Americans are benefiting from federal resources, counseling services and even grants to get on their feet again.
American Debt Relief How To Take Advantage Of Government Debt Relief Help
