Obama Debt Relief Is Not A Federal Program

: Chris Lee Law Firm

  Filed under: Debt

debt reliefAs consumer debt rises, many people are considering all options to find relief from their debts. There has been much publicity over, what is being called, the “Obama Credit Card Debt Relief Program”.  The problem with this program is, simply, that it does not exist.

The Obama Credit Card Debt Relief Program is not a federally backed debt bailout program, as being reported by numerous sources. Many non-reputable debt relief agencies are claiming they can help unsuspecting consumers through this program, also called the “Credit Card Debt Relief Act”.  In short, this program is a scam intended to lure consumers into debt relief programs.

Legitimate Debt Relief Services

Fortunately, there are plenty of legitimate ways to find relief from your debts. First of all, there are numerous debt negotiation companies available to help consumers manage their money and develop a debt relief plan. The most important aspect to remember when finding a reputable debt relief agency is that they provide a range of services. A reputable company will offer both free resources as well as fee-based services for debt management. Services should include credit counseling courses, budgeting/money management courses and debt management plans. Qualified debt relief companies will employ credentialed or licensed employees that specialize in financial management and planning such as Certified Public Accounts, licensed Financial Planners or Attorneys.

Any company that insists on providing only one service for an up-front fee should be considered suspicious. The goal is to develop a plan to repay the debts within an adequate monthly budget. Settling debts for “pennies on the dollar” are often a sign of non-reputable practices. If a deal seems too good to be true, it usually is. Always shop around for the best debt relief company before signing any debt management agreements. A bankruptcy lawyer can provide guidance and resources for finding a good debt relief plan, even if the debtor chooses to manage their debts outside of bankruptcy.



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