Obama In Debt Settlement

The word is out that Obama is putting a restriction on the debt settlement. The administration is going to put a bound in the fees and interest rates. Some series of similar restrictions has been adopted by the Federal Reserve which will be effective from next year.  I think it is finally coming up to the campaign commitment that such actions are being taken. If this is executed, than a lot of people will be in a safer position to deal with their debts.

President Obama is not putting a restriction on debt settlement, I think what you're trying to say is he's restricting the credit card companies from further abusing the consumers. Thank you though for posting!


And you're probably talking about the Obama credit card relief bill that was signed into law this month and would be effective February(?) 2010, which is called the Credit Card Accountability, Responsibility and Disclosure Act of 2009 which states that credit card companies:

-Must give consumers 45 days before increasing the interest rates
-The consumer's payment should be applied (first) to the highest interest rate balance and if the consumer's payment is 60 days late, the credit card company can increase the rate.
-With regards to penalty fees, unless the consumer asked for an over the limit fee, the creditors can't charge the consumer for it. -Banks may not charge late fees if they were also late in crediting a payment.