Is There Really an Obama Credit Card Debt Relief Program?

We have been writing many articles about the credit industry and now, a new and popular trend that we have been seeing is the search for an "Obama credit card debt relief program". In this article we would like to discuss exactly how you can get a portion of your credit debt erased by taking advantage of the solution that the United States has put forth since the beginning of this year.

What is the Obama credit card debt relief program?

The Obama credit card debt relief program is technically this stimulus bill. When our president signed the stimulus bill in the beginning of this year, he authorized a withdrawal of government funds to large automobile manufacturers and also within the banking industry. Within the banking industry there was quite a bit of shaking because Americans can not afford their loan and mortgage payments any longer. The billions of dollars that were given to both banking and financial institutions now allows anyone who has over $ 10,000 in debt to settle their credit debt by half of what you owe at the very least.

This stimulus money is an answer to many prayers for American families who have fallen victim to bad circumstances and job losses. For banking institutions, this is a way to keep them in business, but the President stressed that it was not a cure for irresponsible lending but was set up to help keep these companies in business so they can still issue loans every month.

Quite a few people have do not understand the Obama credit card debt relief program because it is in touted in many different ways. So the next time someone asks you about this program, you can tell them it is very straightforward, if you have $ 10,000 that you owe then you qualify to have a settlement and companies that work within this stimulus bill can help you.

Source by Sam Goodman

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