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Government Help for Credit Card Debt Problems

The offers promising specialized government sponsored programs to get out of debt seem to multiply with every click of your mouse.  These offers promise immediate help from the burdens of mounting debt from credit cards.  Although the offers may seem like a valid solution to issues of debt, they are not valid options. These offers are nothing more or different than other credit card debt relief programs, other than the fact that they are being marketed with the word government tacked onto the title.  

The truth is that the government would not benefit from assisting with the elimination of credit card debt. The taxpayers would probably   Other than assisting with bankruptcy proceedings the government does not have the legal or financial means to provide credit card or other debt relief programs for individuals.  The implementation of a program specifically designed and government sponsored would require a great deal of legal proceeding and approval.  Social assistance programs require a great deal of preparation and typically offer much national controversy. The proposal for a government sponsored credit card debt relief program is not in the works at this time.    

Government help with debt does exist. The government offers assistance with learning new ways to manage debt through IRS credit counseling. Counseling and financial programs are sponsored through the government designed to provide information and tips to consumers for assistance managing their finances. There are many offers for programs related to financial planning, debt management and credit card management that are government sponsored and supported.  These are not debt relief programs but rather informational services to promote responsible spending habits and resources to assist with debt.   

The government also offers bankruptcy assistance for those that have no other options. Bankruptcy is a legal proceeding designed to relieve individuals for the burdens of debt. Bankruptcy does have long term effects and consequences however a viable option for debt relief is.  The option to file bankruptcy is an individual choice that offers government assistance with the process. It is designed to eliminate debt to allow consumers to be freed of the financial burdens of debt, which includes credit card debt.   

The Credit Card Act that took effect in February 2010 is also an example of government assistance for consumers that have credit card debt. This regulation was designed to regulate excessive fees and provide credit card users extra protection.  This is an initiative that stems from governmental regulation and the recognition of the unfair practices happening in the credit card industry.  This is not a credit card debt reduction program but rather a protection for consumers that can help mange debt in the long run.   

Those looking for government help for credit card debt may be disappointed to find that there are no ‘get out of debt quick programs’ designed by or sponsored by the government that will eliminate consumer credit card debt.


Kairon - In the days of cheap and easy credit, this wasn't necessarily a problem - many people constantly shifted their debt around from card to card, avoiding interest charges through the use of introductory 0% balance transfer deals. Those days are now all but over, as balance transfer fees couple with tighter approval criteria mean that this strategy is hard to maintain, and so the issue of debt has got to be addressed.
Debt Collecting (Guest) - fdfm,sadbf dfsdf
teal (Guest) - If you're in debt and finding it hard to cope, it's important to deal with the problem straight away - the longer you ignore your debts, the worse the situation becomes. Find out what you can do about your debt problem and where to get free help and advice.