Obama Debt Settlement, what is it?
Posted on
June 30, 2009
at
4:23 am
is there an Obama debt settlement-- program or a law? on credit cards? or debt settlement? what is it about? i did not see it in the news..i'm confused.
Posted on
June 30, 2009
at
4:33 am
hi bubbly and I don't think that Obama debt settlement is a law or a government sponsored program, it is a move or a decision by credit card companies to negotiate consumer debts and get something instead of nothing. they had a tougher stand on debt negotiation before the recession but now they are willing to compromise..
Posted on
June 30, 2009
at
4:56 am
I think it is related to the Obama credit card relief bill that was signed into law this month and would be effective February(?) 2010. It's called the Credit Card Accountability, Responsibility and Disclosure Act of 2009 and in it are credit card companies (a must) giving consumers 45 days before increasing the interest rates, and the consumer's payment being applied (first) to the highest interest rate balance.
Posted on
June 30, 2009
at
5:06 am
just to add to x and y's post, in that said law, the consumer's payment should first be applied to debt that has the highest interest rate balance, and if the consumer's payment is 60 days late, that's the only time that the credit card company can increase the rate, and it also has something on the penalty fees, that unless the consumer asked for an over the limit fee, the creditors can't charge the consumer an over the limit fee. Also, no longer can the banks/creditors charge late fees if they were also late in crediting a payment.
Posted on
June 30, 2009
at
5:16 am
i think x and y meant credit card REFORM bill, not credit card relief bill. it is the president's reaction to consumer groups outcry against controversial/unfair practices by credit card companies-such as hidden charges, surprise interest rates increase..etc.banks say that because of this act it would be tougher to get credit in the future.
Posted on
July 20, 2009
at
3:18 pm
Right. So essentially there is no Obama debt settlement per say. For now, it looks like he is targeting the lenders and trying to pass legislation that prohibits some of their more aggressive tactics.
Posted on
August 11, 2009
at
4:29 am
There is no Obama debt settlement but there was an inquiry on the debt settlement players conducted by Atty. Gen. Andrew Cuomo recently. The question is, how does that affect the debt settlement industry..
Posted on
August 11, 2009
at
4:32 am
I think Atty. Gen. Andrew Coumo is just looking out for the welfare of the consumers. It's a response, I think, to President Obama's action against the credit card industry's unfair practices. I think it's a good thing for the well meaning debt settlement companies and a bad thing for the scammers.
Posted on
August 11, 2009
at
4:35 am
I agree..this move is, I think, the Obama administration's response to the numerous consumer complaints against the credit card industry, the debt relief industries (debt settlement), and the recession in general. The inquiry is a warning against debt settlement companies that are using deceptive practices.
Posted on
August 19, 2009
at
1:47 am
Would you guys know if the government offers grants or loans for debt relief though?
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