With new legislation regarding credit cards and changes to the practices of credit card companies make people have gotten the idea that the federal government offers some sort of assistance plan to erase credit card debt. While there is no federal credit card debt relief program, the CARD Act and changes to credit card company rules can make it easier for someone with a credit card or credit card debt to gain a stronger hold on their financial situation.
Some individuals with credit card debt choose a credit counselor in order to gain perspective, understanding, and assistance they may need in order to combat their current credit card debt and avoid debt from credit card use in the future. Also, the Obama CARD Act was set in place to give cardholders more information regarding their credit card debt.
With this information it is hoped that cardholders will be able to better form a budget and repayment plan when it comes to combating their credit card debt. Obviously, many people know how much they owe in credit card debt but many fail to realize that when interest and repayment times are factored in, for those who only make minimum monthly payments, there can be a greater amount of money spent on repaying credit card debt.
This is something that needs to be avoided as no one wants to pay more money than they have to due to something like interest or a drawn out repayment time frame. While the federal government doesn’t offer assistance through grants or any other credit card paid programs, there are resources like the Federal Trade Commission’s website that can help individuals who may simply be lost in the world of finance and need a little guidance.
However, it’s important to remember that no federal program will handle your credit card debt, nor is there any quick fix solution to credit card debt, but only by making smart financial decisions and practicing healthy financial habits will someone be able to not only erase their credit card debt but avoid acquiring a large amount in the future.