Obama Credit Card Debt Relief Plan – Get Out of Debt in March 2010
Posted on | March 4, 2010 | No Comments
The Obama credit card debt relief plan was designed to help Americans get out of debt as soon as possible. If you are looking to take the necessary steps to get out of debt in March of 2010 then it would be wise to do your homework and find out what your rights are. Last week those rights changed as the Credit CARD Act was signed into law.
President Obama has consistently looked out for the American consumer and he continues to do so with the Credit CARD Act. This law states that credit card companies are going to have to give you a 45 day notice before they increase your interest rate. This will allow cardholders to adjust their spending habits and hopefully pay off their credit cards.
The Act will also greatly change the way you look at your credit card statements. Each statement will now clearly display how long it will take you to pay off this credit card if you make a certain payment each month. It will also tell you how long it will take to pay the card off if you make the minimum monthly payment; this could be a scary number for some cardholders.
Overall, the Credit CARD Act is expected to help many consumers get out of debt. While it isn’t necessarily a credit card debt relief plan it is a way that can help you better understand your rights. After you understand your rights you can take the actions to get out of debt today.
Author: Mike Garner
Comments
Leave a Reply