Is there government help for getting out of credit card debt? Does the Federal government offer credit card help? Are there government grants or government loans or government programs for getting out of credit card debt?
In a word: NO.
Questions that I have seen popping up online with increasing frequency in recent months all revolve around ways to get the government to help eliminate credit card debt for consumers.
If you do some searching online you will find many a scam that has been manufactured to fill this consumer demand for government credit card assistance but of course all that these unethical companies are looking to do is make a quick buck off of others misfortunes rather than trying to help. Read on to learn some concrete things that you can do to pay off your credit card debt in the most efficient way possible.
Government Help w/ Credit Cards via the CARD Act
While the government is not necessarily interested in helping out consumers overtly by paying off their credit card debt for them the Federal government has of course recently enacted certain laws and regulations that attempt to help consumers using credit cards via the Credit Card Accountability, Responsibility, and Disclosure Act (CARD). In a nutshell, helping consumers understand their credit cards = a good thing while paying off consumers credit card debt for them so that they can think that there are no consequences to poor credit card choices = a bad thing.
“Government” Credit Card Debt Relief Scams
You have no doubt stumbled across many of the flashing and pulsating advertisements online that promise personal help from President Obama and the Federal government to eliminate your credit card debt and solve all of your problems all without requiring you to spend less than you earn, come up with a budget, and do all of the other financially responsible things that are required to get and stay out of credit card debt in the real world. Unfortunately, many fall victim to these type of government grant/government bailout/government loan types of online offers so if you see anything promising free help from the federal government to payoff your credit card debt then immediately run the other way.
Two Options for Getting Out of Credit Card Debt
Outside of a personal bankruptcy there are really only two different ways to get out of credit card debt and neither of them involve using the government. You can choose to A) Do it yourself or B) Get help from a professional debt counselor/debt negotiator.
For “Do-it-Yourselfers” we recommend checking out the Debt Goal service.
For those who would like the assistance of a qualified and knowledgeable debt relief expert we recommend checking out Debt Consolidation Care.
SHOULD there be a Government Credit Card Debt Consolidation Program?
What do YOU think?
Should there be a government credit card help program?
Should there be a Federal government credit card debt assistance grant/loan/bailout for consumers?
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