No. He won’t. There is no such thing as Obama credit card debt relief or an Obama credit card bailout program. These are simply marketing tactics used by debt relief companies to make you think you’ll get something for free. The Google ads adjacent to this article might even use that language. The same message has been seen on TV and heard all over the radio.
The pitch you might have heard is that consumers with over 10,000 in credit card debt could have a significant portion of their principal wiped out, never to be paid again. This simply isn’t part of the Obama economic stimulus package that was released onto our economy back in early 2009. Nor is it a part of the credit card accountability, responsibility, and disclosure act (CARD Act) that went into effect earlier this year. There is no Obama credit card debt relief program.
The companies behind these messages are shady debt settlement companies. If you truly want to experience credit card debt relief, then simply make a plan to pay down your credit card debt. Or use a service like DebtGoal to help you legally eliminate credit card debt. If you do decide to use a debt settlement company, please go through the NFCC.org to find a non-profit company.
photo by the US Army
Related Posts:
{ 3 comments… read them below or add one }
This is really a good piece of information for people get attracted to fake scams of debt relief. Thanks for posting.
I actually have verified accounts of people maxing their credit cards when Obama was elected (I think maybe even after he won the Democratic nomination) and telling debt collectors that Obama was going to take care of it.
Well, here’s hoping they finally get it.