Does the Government Provide Credit Card Debt Relief?

While President Obama has played the role of a consumer debt advocate by pushing for credit card reform and new credit card regulations, there is no official government program of credit card debt relief for consumers. For those who feel that government aid for credit card debt or government debt relief programs are readily available, the fact that no programs are available can be very disconcerting. However, there is some good news for those who are in need of relief from credit cards and other debts.

What Form of Debt Relief is Available for Consumers?

When credit cards and other unsecured debts become a problem for consumers, debt relief is available. It's not the government that provides this relief, but debt relief programs offered by credit card companies and other creditors who would rather collect a portion of what is owed than nothing at all. If you are in debt and in need of relief, debt management programs offered through credit counseling agencies may be able to help you reduce interest rates, lower your payments, and save money. This can not only remove financial stress from your life, but save you thousands of dollars as well.

Another form of debt relief is known as debt settlement or debt forgiveness. Through debt settlement, also known as debt mediation, credit card companies - depending on your financial situation - may agree to settle your debts or forgive up to 60% or more of your credit card debt. To see how much debt settlement can save you, start by answering a few simple questions in the form above.

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