Credit Card Debt Relief
Since President Obama has been re-elected the odds have improved for consumers regarding credit card relief. Due to the Card Act that was already passed by Obama, this leads critics to believe that more effort will go into providing consumers with card debt relief. Watch the cheesy, but accurate Card Act Video below to learn more about this Act and how it can benefit to you.
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Credit card relief programs are desperately needed. Struggling Americans are constantly being backed into a corner where their only alternatives are bankruptcy or foreclosure.
Consumers often have to decide, “Do I fall behind on my mortgage or unsecured debts this month?” Seven hundred and seventy five billion dollars of outstanding card debt is floating around in the United States. It is extremely important for consumers to get educated and learn how to Reduce Card Debt.
Often a debt relief program will be the solution for a consumer who is contemplating “do I pay my mortgage or unsecured accounts this month? Hardship programs like debt settlement can lower a person’s overall monthly payments that are going out towards unsecured accounts, allowing that person to have more money to put towards their mortgage or secured accounts. A person’s mortgage is usually the priority.
Let’s take a closer look here at how President Obama has stepped in to regulate card companies. The Federal Trade Commission has also joined in on the combat.
Card companies took advantage of consumers over the last decade. Rates had been escalating, banks charging on average above 12% interest rates and millions of dollars in fees have been charged, that should not have been charged.
What has President Obama done?
President Obama did take the proactive approach during his last term and passed the Card Act. Unfortunately this Act did not solve the catastrophe unsecured debt crisis in America.
According to the New York Times, “the Card Accountability, Responsibility and Disclosure Act was intended to protect consumers from unfair credit card billing practices.”
New York Times, December 6, 2012
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* If card companies decide to change the terms on their customers regarding interest rates and fees, they must provide their customers with a 45 day notice. Creditors are also not allowed to increase their customer’s interest rate during the first 12 months after accounts are opened.
* Card statements now must disclose how long it will take for a person to pay off their account when paying minimum payments.
Consumers are often astounded by these figures. These new disclosures really open the eyes of consumers’, allowing them to see what is really going on with their accounts. Relief has been achieved to some extent because of this Act, but this regulation has also created new doors that creditors decided to open as an avenue to be able to charge outrageous fees.
Example of Your Account Statement Disclosures
Credit Card Relief Programs – Regulated by the Federal Trade Commission (FTC)
The Federal Trade Commission also stepped in, helping to provide consumers with debt relief by regulating debt settlement and debt relief companies in America. Debt relief companies now must be compliant when offering credit card relief programs. Too many unqualified debt relief companies opened up shops for consumers and did not perform in the past.
Golden Financial Services has been compliant since the day we opened in 2004, so this law allowed us to shine as one of the reputable companies. We are one of the oldest companies in the industry.
Our debt settlement program has evolved into one of the most effective debt relief programs on the market.
Do you need help with overwhelming debt? We can definitely help! At the least you will get FREE information from one of our experienced financial specialists. Call 1-866-376-9846 for a free Credit Card Debt Relief Consultation.