Obama Credit Card Debt Relief Plan – CARD Act Signed in February 2010
Posted on | March 16, 2010 | No Comments
The Obama credit card debt relief plan was created to help credit cardholders better understand their options when it comes to getting out of debt. There is a great amount of valuable information on the FTC website at FTC.gov. It would be wise to access this website to better educate yourself on the current issues involving consumer debt.
The Credit CARD Act was signed in February 2010 and this Act is expected to greatly help consumers better understand their credit card statements. It will now be the case that credit card companies will inform you how long it will take to pay your credit card off if you make the same payment each and every month.
You will also find that the Credit CARD Act will force companies to give you a 45 day notice as to when your credit card interest rate is going to increase. Hopefully this will help credit card users to acknowledge that their interest rate is going up and they can adjust their spending habits. In the long run, hopefully this will cause them to pay the credit card off.
President Obama and his staff have worked very hard in an attempt to educate Americans about credit card debt. The Credit CARD Act is just another step in the process of helping Americans get out of debt and live a life with financial freedom.
Author: Jeremy North
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