Government Credit Card Debt Relief Act – Credit CARD Act and Bailout
Posted on | February 25, 2010 | 2 Comments
The government credit card debt relief act could help many Americans who are looking to get out of debt. The credit CARD act is a way that the American public can be part of the overall bailout that Wall Street received. President Obama and his staff worked very hard to make sure that consumers had more rights when it comes to credit card companies. This is exactly what became law on February 22nd, 2010.
The government credit card debt relief act is going to greatly change the way the credit card industry is run. It is no longer going to be the case that the interest rate on your credit card can adjusted without you receiving a notice. Credit card companies must send you a 45 day notice as to an increase in your interest rate. This can help consumers adjust their spending and hopefully pay off that particular credit card.
Even though this act is not a true bailout it is helping many Americans to bail themselves out. Another aspect of the credit CARD act is that it will tell customers how long it will take them to pay off their bills if they make a specific payment each month. It will also include information on how long it will take to pay off your credit card if you make the minimum payment. This information should greatly help you to pay these credit cards off and get out of debt.
Author: Alan Lake
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2 Responses to “Government Credit Card Debt Relief Act – Credit CARD Act and Bailout”
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February 26th, 2010 @ 1:07 am
The best way to help credit card holders is to repel the bankruptcy laws Bush signed in to effect.
March 1st, 2010 @ 10:10 am
How does this Act help people in debt? It’s not a bailout – it’s a consolidated loan repayment program. The banks get bailouts and the working class get their pockets picked with more interest payments. The only solution I see with this Catch 22 Farce is to consult & hire a attorney so they can negotiate on your behalf…Our Congress – a body made up of mostly lawyers continually write laws people do not understand so they have no choice but to hire a lawyer they cannot afford. Ridiculous – People were better off when we had farmers & small business representatives. Today our Reps are Hollywood Comics & Attorneys…remove them from office & then you’ll see reforms & laws that work for the people.