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Home > Reader Questions > Is There Really a President Obama’s Credit Card Debt Relief Program? – Dream

Is There Really a President Obama’s Credit Card Debt Relief Program? – Dream

I have credit card debt of more than $10,000 and I’ve heard more than 10,000 misleading answers to a very simple question.

Is there really an honest to goodness, real, and true program spearheaded by President Barak Obama called, (or similarly called) “President Obama’s Credit Card Debt Relief Program”? whose main and only purpose is to assist consumers get out of $10,000 or more credit card debt. Also are there funds in the form of a stimulus package that consumers can apply for to aid them in ridding credit card debt? IF there is such a legal government program who do I contact to get such a plan started?

I’LL REPHRASE MY QUESTION FOR PERHAPS BETTER UNDERSTANDING.

Can you please tell me if there is a federal program called or similarly called “President Obama’s Credit Card Debt Relief Program”? I understand that if one has $10,000 or more in credit card debt the government has stimulus grant funds to help reduce these debts by up to 60% for individuals who qualify.

Is there ANY program initiated by President Obama/Congress that, with or without, this stimulus grant money that can help individuals lower or eliminate their credit card debt?

ANY and ALL information in this matter would be GREATLY appreciated!

Dream

It’s time to put debt behind you and start dreaming about your life after debt. – Click to Tweet

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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Jenny Graham

    Very informative post.Enjoyed reading post.

    Thanks
    http://www.financialculture.co

  • in debt

    what are the options if you can make regular monthly payments. This is something I am looking for.

  • Ray

    To be clear… there are no government programs that will get you out of debt.
    None that pay the bills for you from some Obama funds.
    None that reduce what you owe.
    None that beat up the creditors to make them more pliable.
    Not One…. Unless you count bankruptcy as such a program.

    Anyone that offers to get you out of debt for less than you owe… wants your money in their pocket.
    Debt Settlement, Debt Resolution, Debt Arbitration, Debt Negotiation etc all COULD be used in legitimate ways, but are not marketed by companies that offer legit services.
    Not on TV, Radio, the Internet or by US Mail. Virtually all of them destroy you financially, they take your money and ruin your credit.

    There are other options if you are willing to pay your debt in full. It will take up to 5 years. Could be less. You do not have to lose access to credit and can improve your credit score in the process. You do need to be able to make regular monthly payments.

    Hope that helps a little, Ray

  • Ray

    To be clear… there are no government programs that will get you out of debt.
    None that pay the bills for you from some Obama funds.
    None that reduce what you owe.
    None that beat up the creditors to make them more pliable.
    Not One…. Unless you count bankruptcy as such a program.

    Anyone that offers to get you out of debt for less than you owe… wants your money in their pocket.
    Debt Settlement, Debt Resolution, Debt Arbitration, Debt Negotiation etc all COULD be used in legitimate ways, but are not marketed by companies that offer legit services.
    Not on TV, Radio, the Internet or by US Mail. Virtually all of them destroy you financially, they take your money and ruin your credit.

    There are other options if you are willing to pay your debt in full. It will take up to 5 years. Could be less. You do not have to lose access to credit and can improve your credit score in the process. You do need to be able to make regular monthly payments.

    Hope that helps a little, Ray

    • in debt

      what are the options if you can make regular monthly payments. This is something I am looking for.

  • Damon Day

    NO

  • http://DamonDay.com Damon Day

    NO

  • Taxwork

    True, there are new regulations regarding credit cards.

    BUT: There’s no government program to relieve you of credit card debt

  • Taxwork

    True, there are new regulations regarding credit cards.

    BUT: There’s no government program to relieve you of credit card debt

  • Steve Rhode

    Dream,

    There is no such program. It is all marketing hype to make people think there is some bailout program for consumer debt, there is not.

    If you run into anyone pitching such a program, run away.

    Steve

  • http://GetOutOfDebt.org Steve Rhode

    Dream,

    There is no such program. It is all marketing hype to make people think there is some bailout program for consumer debt, there is not.

    If you run into anyone pitching such a program, run away.

    Steve

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