Have you heard about President Obama’s Debt Consolidation relief plan? There has been a lot of mis-understanding about this plan and I hope to dissolve and clear up any doubts that may arise about ending your debt – for good! In early 2009, when our president was elected, Obama put forth what is known as “President Obama Credit Card Debt Relief Plan.”
Now this plan is not a safe haven for all debtors, but does give debtors the possibility to remove 50-60% of credit card debt and even more. Sometimes this can be up to 70% of credit card debts via the debt relief program Obama offers.
Why is this possible? The answer is twofold: first, the billions of dollars of funding has been in the U.S. economy to help with our situation. Our President promised a change in the U.S. and this bill was one of the first things he did to help those trapped in debt. Second, in the Obama credit card debt relief program, creditors have been called “Rescued” by the stimulus money.
What does this mean and how Obama card credit debt program benefits as a consumer?
- If you have more than $ 10,000 in unsecured debt, it can remove up to 60% or more.
- Your credit score will not be adversely affected by having to declare bankruptcy
- It gives you the chance to relax as the debt relief program agencies are financially able to work with companies who work on the agenda of President Obama credit card debt relief.
Now, saying all this, companies often help once, so this means that after the debts are cleared, it is important to enter in a system in where you only use credit card(s) in emergency situations. Moreover, almost all legitimate companies would talk to you for free to see exactly how much debt you can get eliminated.