Credit Card Debt Forgiveness – Myth or Reality?

Who would have thought ten years ago that an Act would be introduced to help the average person with settling credit card debt? Well it is true, thanks to President Obama. Of course credit card debt forgiveness it is not as easy and simple as it sounds but it is incredibly generous and helpful during a tough economic time, especially when doing one’s best with eliminating credit card debt.

It is a harsh reality to learn that most people rely on credit cards to live their lives and maintain the lifestyle they may have become accustomed to.  Whether you use your credit card for home renovations, holidays, medical bills, to clothe your children or pay your bills, the end result is accumulating debt. The high interest rates on credit cards often make it impossible to clear the balance owing. Most people just repay the interest charges each month meaning they are getting in absolutely no way closer to clearing the principle debt.  You might have already sought out a debt consolidation quote from your lender or a debt negotiation service, but even that can’t really help you.  So this credit card debt forgiveness policy can really be of benefit to you when you are in dire debt straights.

The Act states that if you owe more than $10,000 on a credit card then you may be eligible to apply for a 50% forgiveness of that debt. That’s right, not the whole amount. The logic behind this debt is to help those people who owe significant amounts to get their debt to a manageable level, not to wipe it completely giving them a free pass. Chances are if people are able to manage their own debt and see the repayments making a difference they will continue to work towards clearing that debt. They will also find more self worth and confidence in the fact they have paid some of it off themselves.

The credit card debt forgiveness Act has many rules and regulations surrounding who can and can’t apply for it. You may wish to do further research online where you can find in-depth details of the Act. If you think you check all the boxes then it may be a good idea to also speak with a debt consolidation company. They too can provide you with further information and instructions about the Act. Be wary of which debt consolidation company you use. Find a reputable company who has an honest proven track record. People in bad debt situations are all too easily taken advantage of and tempted with quick fixes and deals that seem too good to be true.

This could be the breathing space and helping hand you’ve been looking for so you can avoid having to negotiate credit card debt. It could make your finances manageable and your budget achievable. Get your finances in order and do your own research on the credit card debt forgiveness Act before you speak to a professional about taking the next step.