With more than the majority of the Americans in debt, and the economy still struggling to revive, no doubt rumors like credit card debt forgiveness act are so much prevalent, as they easily are ways to trap the much distressed in-debt customers. Those outside the federal government and Wall Street walls believe that the US government would do some sort of credit card debt forgiveness program to relive the distraught people.
We have tried our best to find the truth behind this ‘credit card debt forgiveness wall’ and unfortunately, as near as much as we could determine, there exists neither currently nor under consideration any such act as credit card debt forgiveness! Such a program could be the hopes and wishful thoughts of many Americans but not in the Fed Laws.
While there still exists many who do talk about this supposed “Credit Card Debt Forgiveness Act,” asserting that debtors could qualify for this program to reduce their credit card debts up to 60%, in actuality, these are just propaganda’s. There are few law offices which do have programs providing credit card debt assistance, wherein they help the customers to fight against the lending institutions for the reduction in the interest rates, which possibly could have been perceived as credit card debt forgiveness, but there exist no such government programs for the same.
The tale behind this credit card debt forgiveness probably has its basis in the bank & card industry recommendations for a credit card debt forgiveness program, but the Credit Card Accountability, Responsibility and Disclosure (CARD) Act of 2009 clogged little before the implementation of credit card debt forgiveness, as its pretty much clear that any such programs would be very expensive to implement.
There was an Act implemented on May 22, 2009 by President Obama called “The Credit Card Accountability Responsibility and Disclosure Act of 2009,” also known as the “Credit Card Reform Act of 2009.” As per this act the consumer’s have more protection from greedy credit card companies. For e.g. some of the rules under this are like:
Notifying the consumer of an interest rate hike at least 45 days before its implementation to give the required time for the consumer to decide whether they really want to continue with their accounts.
The companies should not be allowed to charge higher interest rates for retroactive balances if the account has good credit standing.
The world has seen severe economic disaster during the few years. During these dark times, individuals were left with less income and more debts!