Where can I find information about the Credit Card Debt Relief part of the US Stimulus Package?
by Author on Friday, April 16th, 2010 | 2 Comments
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The new laws that take effect next year are limited. The bank can’t do 2-cycle billing, can’t raise your interest rate as quickly (which is why they are all raising the rates *now*), can’t do universal default, etal.
If you are hoping for Debt relief in the form of cold hard cash, dream on. Nothing is going to magically erase your balance due.
Everything yo uwill find on the web is HYPE. Every debt settlement company will offer, for a fee, to ruin your credit by asking each creditor to accept less than is owed. This is not a stimulus. This is a ripoff.
I don’t think such thing as "Credit Card Debt Relief " exists. Only things that I am aware of are the interest rate changes so Credit Card companies can not rise your interest rates without you being aware. You can answer them no however they will just cancel your cards and have you continue pay the last interest payment % until you have paid off what you owe. After that you will probably not be able to get any Credit Cards from that company anymore.