As the global financial crisis worsens, there is a corresponding increase in the number of debt-laden citizens in the United States. In response, the Federal government came out with the National Debt Relief Initiative in 2009, with hopes that this approach will help many Americans in their quest for ultimate solutions to their growing debts. The White House, specifically, ran in aid of its homeowners on the verge of losing their homes and properties through the Hope for Homeowners program which basically increased the equity of one’s home.
Realizing that the credit card is one reason why lots of Americans are in debt, the government also implemented the Credit Card Accountability and Disclosure Act. This act ultimately gives protection to credit card holders from surges in interest rates and other charges.
For people or companies that take advantage of one’s compromised financial situation, US President Barack Obama has signed the Fraud Enforcement Recovery Act, directing the Department of Justice to pursue and prosecute such people.
According to Mike Empey, a field representative for Utah Rep. Jim Matheson, the National Debt Relief Initiative has been so carefully designed for companies that encountered huge losses following the economic crisis, but does not provide any monetary assistance to individuals.
Indeed, debt-reduction is not the focus of the debt relief initiative. It is not intended to settle credit card debts. There is just no way the government will give $100,000 to each and every family in debt. If you are looking for a way to get yourself out of debt, you may by all means, scour the internet for information on debt counseling services. You will see that there are various means you’ll be able to deal with your insurmountable debts without having to file for bankruptcy, which, you must know, will not do your credit standing any good.
