What Is Federal Debt Relief Plan All About?

i read somewhere that an old lady received a letter saying that she qualified for a federal debt relief plan, in that letter was a link to a website that says federaldebtreliefplan--and so i went there and it's a bunch of debt solution companies just advertising their services-

in an attempt to answer your question i googled those words and came up with sites warning consumers off against some debt settlement companies "who can't deliver on their promises" while advocating for credit counseling instead "as a better option" -- it seems as if there's no such thing as a federal relief plan. they're just a bunch of key words that a consumer in debt might search online...

there is however, a credit card bill that was passed into law recently (by President Obama) that would be effective next year.

I got curious too and did what (say it isn't so) did--and did not find a anything about a Federal Debt Relief Plan.

To add to the Obama credit card reform law-

-it is about creditors not being allowed to raise rates until the consumer is 60 days late on payments.
-it is also about the creditors not being allowed to charge an over the limit fee if the consumer did not ask for that service, also if the creditor was delayed on crediting the consumer's payment, they can't charge late fees.
-it added the 21 and under consumers too, they can't be offered credit cards without their parents consent or without proof that they can pay for them.

we are in agreement then that it (scam) just clutters the debt relief concept. what is this Obama credit card reform law's official title? and when exactly is it in effect? are you sure there are no other laws pertaining to debt relief other than this? and thank you for your replies destroy debt people.

Credit Card Accountability, Responsibility and Disclosure Act of 2009 which is effective 9 months from now (or less).

If I remove the word Federal, your question would become "what is debt relief plan all about?" And the answer to that would depend on what your debt type is. If it is secured or unsecured.

If it is unsecured - depending on your total amount of debt and the status of your accounts, you can either do credit counseling or debt settlement.

Unfortunately, the government, via their federal assistance programs, did not include or does not think that debt relief for individual consumers is worthy of making their list of who to aid.

Just to add to the last post, if your credit card debts amount to less than $10,000 (and have high interest rates) you may want to try credit counseling and it's Debt Management Plan (DMP). If it's more than $10,000 (and your accounts mostly past due) try debt settlement instead.

If you are not sure or can't decide which debt relief plan to choose - feel free to fill out a form here at destroydebt.com, and have a debt consultant advice you for free.