subject: Obama's Debt settlement Bill – How Personal debt Can Settled For 30% Of Your Balance [print this page] President Obama has declared a bill totally in the favor of the consumers by making Debt settlement as mandatory and more effective by keeping in mind even the interest of the creditors. As the bankruptcies and the unpopularity of credit card companies continues to increase, Obama's administration decided to put restriction on the uncanny high interest rates and huge fees imposed on the consumers. Debt settlement is a debt relief program where you can get your debt amount reduced up to 50% and pay only half the amount you owe to the creditors.
Unsecured debts are considered as the most dangerous in nature and therefore, attract the highest rate of interest possible. This makes credit repayment highly difficult and the debtor flutters under huge pressure put by the creditors. Debt relief settlement is a legitimate viable option in dealing with the Credit card companies regarding your outstanding debts and dues. This "Debt relief settlement" is a legalized process which works towards eliminating credit debt balance through the negotiation process where a professional advisor works to negotiate the total amount with the Credit card Company on behalf of the debtor. You can eliminate your debts at a half amount and that too in a time period of 12-36 months.
With the new Debt settlement Bill pressure has been put on credit card companies to help people come out of debts and make a settlement through a proper negotiation process. Government allows the consumers having more than $10, 000 of debt to apply for the debt settlement program and in this case the creditors have to make a settlement and provide 50% of the rebate in the outstanding balance as per the new laws. You can also apply for the government debt relief program online and save at least 50% of your debt.
Obama's Debt settlement Bill How Personal debt Can Settled For 30% Of Your Balance
By: meena jha
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