Does Credit Card Debt Relief Act Exist?

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There exists no such credit card debt reduction program, as on date in the Fed laws, which can magically erase your debts.

Some banks were given bailouts as there collapse was considered too hazardous for the US economy which was already reeling with the financial severity. But individual consumer's debts are never considered as disastrous as that of the banks, as it's just the cost of doing business. Any company or firm you see or hear endorsing on the new Fed laws pertaining to debt reductions, be sure it is a scam.
These are just propagandas by fake companies to capitalize on the confusions that exist among the in-debt masses pertaining to the changes in the credit markets. The best way to clear any doubts rising in your mind would be to take the assistance of a legitimate credit counselor of the National Foundation for click here Credit Counseling.

These counselors can give a better idea on your debt situation and could even suggest you some debt management plans to get your debts paid off. An appointment with a bankruptcy attorney would also be a good option. Meeting both the counselor and a bankruptcy attorney would give you a fair idea on the various options you have in hand. There are few who are successful in settling their debts for far less than what they actually owe, but there are also many who end up getting sued for their trials to wind up.

If you find neither nether credit counseling nor bankruptcy suits you, then maybe you can ask the bankruptcy attorney for a good suggestion matching your needs. But apart from all these, you yourself are prudent enough to find the solution which suits best for your credit card debt reduction. None other than you know your financial status quo better than anyone else.
Thus you would be either ways the best person to judge the program that is most affordable and relevant with your current requirements. You can even pursue debt settlement on your own, without the presence of a debt settlement company. What you need to do is to contact the creditor and offer them a lowered cash settlement.

The creditor might or might not accept this offer. You can continue with the negotiation for a reasonable settlement if they refuse on the first go. Again there is no assurance that hiring a debt settlement company can get you a lowered settlement figure which would be acceptable and affordable by you.
Thus self help is the best help on such cases.

Credit card debt reduction has been the wishful thoughts of most of the Americans caught in the dungeon of debts. To know more on credit card debt relief and credit card debt reduction visit