Credit Counseling Industry Debt Articles Government

Groups seek credit card debt forgiveness

Groups seek credit card debt forgiveness BusinessWeek – 34 minutes ago issue around 80 percent of all US credit cards. Americans now are weighed down by around $900 billion in credit card debt , according to Federal Reserve figures.

Nearly all the biggest credit card banks have agreed to a temporary pilot program in which lenders would forgive as much as 40 percent of the amount consumers owe, allowing them to pay back the remainder over time, they said. The amount of debt to be forgiven would be determined case by case, depending on the borrower’s financial condition; those receiving close to the maximum forgiveness level would be nearing a personal bankruptcy filing.

Current government rules don’t allow lenders to offer repayment plans that reduce the amount of principal owed and borrowers to repay the balance over a period of several years. In cases where the principal can be reduced, under credit card settlements, borrowers normally are required to pay off the remainder over months rather than years.

Groups seek credit card debt forgiveness BusinessWeek – 34 minutes ago issue around 80 percent of all US credit cards. Americans now are weighed down by around $900 billion in credit card debt , according to Federal Reserve figures.

Click Here for totally free debt help, advice and answers.

Read the rest here: Groups seek credit card debt forgiveness

READ  More Bad News For Nordstrom and Target Credit Cards



About the author

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.

Share a Comment / Leave a Reply

Scroll to Top
%d bloggers like this: