If you are searching for Obama debt relief programs, you are going to be disappointed to find there are not any. Even though there has been so much publicity about the stimulus bill and the money he is giving away, there is no official program that deals with debt.
One place you might try is a debt consolidation company called Debt Help 101. They match you with counselors who will help figure out ways to resolve the debt and they work with anyone who has $10,000 or more of credit card debt.
Debt relief grants and other debt reducing programs have been in heavy demand for several years ever since this recession started. The more people that lose their jobs or have to take pay cuts, the more people that get into debt trouble. This is the problem right now in our country: there is so much debt that things cascade down and down with no end in site.
Debt relief can come in several forms but is usually seen in lowered interest rates, debt forgiveness, or some sort of infusion of money such as a grant. Debt consolidatioin companies try to work with your debtors to combine your debt into one payment at a lower rate than you were paying before. For some people this works fine but for others that are out of work and have nothing, the lower rates don't help them because they can't repay the money at all.
People are obviously hoping that Obama has set up some official government debt relief program to help them and they have become confused with all the talk of the stimulus money. Folks are desperate and are in big trouble and are hoping Obama and the government can bail them out too. Unfortunately for them, it looks like this will not be the case.
HOW TO LOWER YOUR CREDIT CARD INTEREST RATES
One reason why so many of us are in debt is because of the high interest rates we are being charged by the credit card companies. When you are paying 18% or higher for your debt, it is very hard to make enough to pay off all that money you owe on your cards. In many cases, the rates are so high and the borrowed amounts are so high that barring being able to get debt relief grants from the government, there is little chance of being able to repay the money.
Is there a way to negotiate a lower rate? There is and while it is not guaranteed to work, it can work if you are persistent.
The first thing to do is to collect all those new pre approved credit card applications you get in the mail. You might get one of those a week or maybe even more. Wait until you get one that is offering an introductory 6 month or 1 year rate of 0% or something very low. Often times they will make that introductory offer to get your business and you will want to use that as a negotiating tool for the credit cards you do have.
Once you find one of the low interest credit card offers, give your existing credit card a call and ask for a manager. When you get him or her on the line, explain to them that you believe the interest rate you are being charged is too high. Tell them that you have in your hand an offer from one of their competitors for 0% or whatever much lower rate it is and that you are inquiring if they can lower your rate.
Of course what you are really doing here is threatening to close your account and move to the other card with the better rate. You are just implying it though and you never want to act upset or talk in a threatening manner. All you want to do is politely inquire whether it is possible, based on the other offers you are getting, to get a better rate yourself.
Usually what will happen is that manager will put you on hold and go speak to their manager. They will come back with an answer and some of the time you will be offered a lower rate. If so, you will have successfully saved yourself some money. If the answer is no, you can hang up and try again the next day or at another time hoping to get a different manager that will be more accommodating.
If you want, you can just make the switch anyway regardless of the answer to the new credit card with the better offer. Many people do this over and over but that becomes too much of a game of cat and mouse. The best scenario is to just get a better rate on your credit card. Debt relief is needed all over this country and you should do whatever you can think of that is legal to get better rates, pay off your bills, and get out of debt. Your future depends on it!
Is there a way to negotiate a lower rate? There is and while it is not guaranteed to work, it can work if you are persistent.
The first thing to do is to collect all those new pre approved credit card applications you get in the mail. You might get one of those a week or maybe even more. Wait until you get one that is offering an introductory 6 month or 1 year rate of 0% or something very low. Often times they will make that introductory offer to get your business and you will want to use that as a negotiating tool for the credit cards you do have.
Once you find one of the low interest credit card offers, give your existing credit card a call and ask for a manager. When you get him or her on the line, explain to them that you believe the interest rate you are being charged is too high. Tell them that you have in your hand an offer from one of their competitors for 0% or whatever much lower rate it is and that you are inquiring if they can lower your rate.
Of course what you are really doing here is threatening to close your account and move to the other card with the better rate. You are just implying it though and you never want to act upset or talk in a threatening manner. All you want to do is politely inquire whether it is possible, based on the other offers you are getting, to get a better rate yourself.
Usually what will happen is that manager will put you on hold and go speak to their manager. They will come back with an answer and some of the time you will be offered a lower rate. If so, you will have successfully saved yourself some money. If the answer is no, you can hang up and try again the next day or at another time hoping to get a different manager that will be more accommodating.
If you want, you can just make the switch anyway regardless of the answer to the new credit card with the better offer. Many people do this over and over but that becomes too much of a game of cat and mouse. The best scenario is to just get a better rate on your credit card. Debt relief is needed all over this country and you should do whatever you can think of that is legal to get better rates, pay off your bills, and get out of debt. Your future depends on it!
OBAMA CREDIT CARD DEBT RELIEF
The economy is in rough shape and so are people's wallets. Across the country, folks are struggling with credit card debt like never before. Add to this is the fact that credit card companies are hurting too and we see that they have been doing some funky things with customers accounts. Because they need more money, credit companies have been cancelling customer's cards, raising interest rates, adding new charges and fees, and other things that they deem will make them more money.
Luckily for consumers, the Obama credit card debt relief plan kicked in on August 20, 2009 and more of it will become law beginning early in 2010. These new rules have been put in place to protect consumers and give them fair warning before new fees are charged or their interest rates on their credit cards are raised.
The credit card debt relief that just went into effect looks like this: instead of only being required to give 30 days advanced notice before changing a contract, companies that issue credit cards will now be required to give you at least a 45 day warning. If you, as a consumer, don't want to agree to the new terms, you don't have to and you will have 5 years to pay off your balance at your existing rate. Of course, if you don't agree to their new terms you will not be able to make any additional charges on your card as they will close it.
Another important change has to do with creditors making money from late charges. They will now be required to put their bills in the mail 21 days before the due date instead of the current 14 days. This will give people more time to pay those bills and should lessen the likelihood of being late with your payment.
The even better part of Obama's credit card debt relief plan is that starting in February 2010, companies that issue credit cards will no longer be allowed to raise interest rates on people's existing balances unless those people are 60 days or more late with their payment. This is great for people with large balances because they can at least now know that the interest rate on that money will not be increased.
There will also be other new laws put into place in February such as the new requirement that anyone who is 21 or younger must have a cosigner and they will have smaller credit limits. Also, interest rates will not be allowed to be raised in the first year for anyone unless there is a specific provision for that in the contract.
People continue to look for debt relief grants and anyway they can to get money to pay off their debt. It seems debt has been a big problem in this country for a while now and it is just getting worse. Hopefully these new credit card debt relief measures will help out somewhat and make things more predictable so that people are not taken advantage of.
Luckily for consumers, the Obama credit card debt relief plan kicked in on August 20, 2009 and more of it will become law beginning early in 2010. These new rules have been put in place to protect consumers and give them fair warning before new fees are charged or their interest rates on their credit cards are raised.
The credit card debt relief that just went into effect looks like this: instead of only being required to give 30 days advanced notice before changing a contract, companies that issue credit cards will now be required to give you at least a 45 day warning. If you, as a consumer, don't want to agree to the new terms, you don't have to and you will have 5 years to pay off your balance at your existing rate. Of course, if you don't agree to their new terms you will not be able to make any additional charges on your card as they will close it.
Another important change has to do with creditors making money from late charges. They will now be required to put their bills in the mail 21 days before the due date instead of the current 14 days. This will give people more time to pay those bills and should lessen the likelihood of being late with your payment.
The even better part of Obama's credit card debt relief plan is that starting in February 2010, companies that issue credit cards will no longer be allowed to raise interest rates on people's existing balances unless those people are 60 days or more late with their payment. This is great for people with large balances because they can at least now know that the interest rate on that money will not be increased.
There will also be other new laws put into place in February such as the new requirement that anyone who is 21 or younger must have a cosigner and they will have smaller credit limits. Also, interest rates will not be allowed to be raised in the first year for anyone unless there is a specific provision for that in the contract.
People continue to look for debt relief grants and anyway they can to get money to pay off their debt. It seems debt has been a big problem in this country for a while now and it is just getting worse. Hopefully these new credit card debt relief measures will help out somewhat and make things more predictable so that people are not taken advantage of.
WHAT DOES DEBT RELIEF MEAN?
The world is in a debt crises, there is no doubt about that. Especially here in America, debt has never been more of a problem among ordinary people. High credit card debt is causing many people to lose their homes, lose sleep at night, and put their whole way of life at risk.
There is no single entity that is at fault for this. You might blame the credit card companies for so freely giving credit and actually aggressively going after people to open new lines of credit. The mail delivers new credit card applications almost every week to normal families these days.
Mortgage companies got into trouble as they were letting people buy houses with little to no money down and extending them credit even though there was a great chance they could not pay it back. Were people wrong to move into houses they couldn't technically afford or is that the responsibility of the mortgage companies?
This is now a society of credit and children are never taught anymore to save in order to buy. Gone are the days when you bought things you only had cash for and now everything is bought on credit. It is taught that it is OK to be in debt and that everyone does it. Being in debt is no longer a thing to be ashamed of and it is considered "normal".
This has led to more people than ever searching for a way to get out of their escalating debt problems and for that they are looking for debt relief. The question is though, exactly what are they hoping to find?
Are they trying to find some way that their debt will be either partially or totally forgiven? Are they looking for debt relief grants that will tide them over until they get a job and can repay the debt they owe? Or are they just looking for some company or organization that will help them lower the high interest rates they are paying and thus make it easier for them to repay their loans?
Debt relief means different things to different people. To some, it might just mean having the constant barrage of harassing telephone calls stop. To others it might mean a total forgiving of the debt they have irresponsibly accumulated and some might interpret it to mean having their bills lowered so they have a reasonable chance to pay them off.
Whatever the words "debt relief" mean to you, it is something we all can use some of.
There is no single entity that is at fault for this. You might blame the credit card companies for so freely giving credit and actually aggressively going after people to open new lines of credit. The mail delivers new credit card applications almost every week to normal families these days.
Mortgage companies got into trouble as they were letting people buy houses with little to no money down and extending them credit even though there was a great chance they could not pay it back. Were people wrong to move into houses they couldn't technically afford or is that the responsibility of the mortgage companies?
This is now a society of credit and children are never taught anymore to save in order to buy. Gone are the days when you bought things you only had cash for and now everything is bought on credit. It is taught that it is OK to be in debt and that everyone does it. Being in debt is no longer a thing to be ashamed of and it is considered "normal".
This has led to more people than ever searching for a way to get out of their escalating debt problems and for that they are looking for debt relief. The question is though, exactly what are they hoping to find?
Are they trying to find some way that their debt will be either partially or totally forgiven? Are they looking for debt relief grants that will tide them over until they get a job and can repay the debt they owe? Or are they just looking for some company or organization that will help them lower the high interest rates they are paying and thus make it easier for them to repay their loans?
Debt relief means different things to different people. To some, it might just mean having the constant barrage of harassing telephone calls stop. To others it might mean a total forgiving of the debt they have irresponsibly accumulated and some might interpret it to mean having their bills lowered so they have a reasonable chance to pay them off.
Whatever the words "debt relief" mean to you, it is something we all can use some of.
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