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From Nema Wiki
Obama Debt settlement For Charge card Debtors - Fact Vs Fiction With Obama Debt Relief
Fiction about Obama debt relief is advertised very well that it is considered a fact. Actually there is nothing true about Obama debt relief for credit card debtors. Obama a signed new bill of Ftc regarding credit card debts but no relief program is personally initiated by United States president. According to this fiction, Barack Obama provides huge amount of money to credit card companies so that they can provide relief for their debtors through settlement process through the elimination of their debts.
Federal Trade Commission's new Act states that settlement companies cannot request any upfront fees. They are not eligible for taking their fees unless and until they do not provide satisfactory settlement deal for their clients. Moreover, bankruptcy filing process has been made a lot more complex to ensure that people can be asked to settle their debts rather than ruining their future lives and causing great loss to credit card issuers.
Obama debt relief for credit card debtors is related to FTC laws. It is more like a permission that was granted by Usa president. Still many illegal and shady companies are advertising this false news that government provides a really large amount of stimulus to credit card industry which has made debt settlement program achievable.
The truth is, settlement process continues to be improved simply by removing the upfront fees. Moreover, mounting number of bankruptcies has also forced creditors to sort out around the settlement process. Everything that glitters isn't gold. Similarly, such glittering promises are used to entice innocent people. Once these folks sign contract with your companies, they continue requesting different kinds of charges as well as in the end individuals are playing more debts.
Obama debt settlement for credit card debtors provides certain set of regulations which make the settlement process easier. Although FTC is still unsatisfied with the current performance of settlement companies yet number of complaints against this process has reduced significantly.
If you have over $10,000 in unsecured debt it might be a wise financial decision to think about a debt consolidation. Because of the recession and overwhelming quantity of people in debt, creditors are having no choice but to accept debt consolidation deals. To locate legitimate credit card debt reduction help in your state and get free debt advice then check out the following link.
