A Government Bailout For Credit Card Debt = Is This Really Possible???
Posted on
June 29, 2009
at
10:05 pm
i have heard rumors about this circulating and i want to know if it's really true. What a wonderful way to eliminate debt if this is indeed true!!!
Posted on
June 29, 2009
at
11:29 pm
that's totally wrong. how else would businesses and financial institutions survive and thrive if this were to happen.
Posted on
June 30, 2009
at
12:03 am
Sorry to burst your bubble but these are just mere rumors. In fact, the Office of the Comptroller of the Currency (OCC) is on the lookout--and actively blocks--any sort of government programs that eliminate debt. Can't blame these guys, either--the suggest plans after all tend to favor banks, and regulators and investors have not been kept in the know due to these plans.Understandably some people may need the funds for this, and said people are really looking forward to hand-outs from the government, but there are actually other options for relieving debt problems.
Posted on
June 30, 2009
at
12:06 am
how about getting a government grant??? i mean, that is possible, right?
Posted on
June 30, 2009
at
1:09 am
blurred I believe that there is no specific government grant exists for credit card debts, or debts in general. And even if you applied for this certain kind of grant from a government office, you would most likely be denied.
Posted on
June 30, 2009
at
2:06 am
siiiiighh...... oh what else can i do then? this is just soooooo hard :( i am in so much debt right now and really, i am getting frustrated about this.... i tought that the government had some provisions available, turns out there aren.twhat do you suggest i do???
Posted on
June 30, 2009
at
2:19 am
Have you tried selling some assets or borrowing against your 401(k)? Those options may work for you in order for you to have some sort of additional income.
Posted on
June 30, 2009
at
6:03 am
I agree that there is no such thing as a government bailout for credit card debt, but it is probably referring to the Credit Card Accountability, Responsibility and Disclosure Act, that is going to be effective, the soonest, February 2010. At the end of the day, you are going to have to pay what you owe, it is just a matter of how, when, how much.Are you employed? Is your debt unsecured? If you are not comfortable disclosing those information in the threads, fill out one of those yellow orange forms instead, speak with a debt consultant for free, and find out what debt relief is right for you.
Posted on
June 30, 2009
at
6:13 am
It's also probably referring to the $787 billion stimulus bill by the Obama administration to counter the recession, and it has nothing to do with giving grants to consumers--to businesses maybe.
Posted on
July 1, 2009
at
5:18 am
Yeah, the 401(k) may work for you if you have that available.If you borrow that and not take the money out, you can pay back what you've borrowed within the next 60 days and you won't have to pay for withdrawal charges. But if you aren't able to pay back what you owe from the 401(k), you will be charged with a 10% early withdrawal penalty.
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