Credit card debt is something that many people easily acquire due to our nation’s dependence on using credit as a means of purchase. Yet, new credit card rules and laws that have been set in place should help people better manage their credit card debt and avoid being taken advantage of by credit card companies.
However, there are people who have sought out federal assistance in order to combat their debt. Yet, there are many people who are confused and believe that the Obama CARD Act and new credit card rules are a method in which the government provides credit card relief, but there are no governmental grants that will help erase credit card debt.
These new credit card rules are put in place to make dealing with credit card debt easier for those who have a great deal of debt. For instance, a credit card company must give you a 45 day notice before increasing your interest rate, changing fees, or making other big changes in your card.
While these new credit card rules are not debt relief programs they are set in place to make repayment of credit card debt easier and allow cardholders to understand exactly how much money they will pay if they continue to meet minimum monthly payments versus if they form their own repayment budget and want to get out of debt earlier.
Again, federal government credit card debt relief plans are not available but there are rules and laws that are set in place to give cardholders more information about repaying their credit card debt and stopping credit card companies from using practices that will make repayment of credit card debt more difficult or more expensive for customers.