Help Regular People Get out of Financial Hardships

Government provides many programs to help normal people to get relief from credit card debt. The US government finally has seen the financial hardships suffered by millions of citizens. Financial Literacy Survey was conducted in 2009 by National Foundation for Credit Counseling and it was found that millions of Americans have not paid their bills on time. You should try to make use of government programs which can help you get relief from credit card debts.

The Fair Debt Collection Practices Act

This act states as to when and how a creditor can make contact with the debtor. A creditor can make a phone call in between 8 a.m. to 9 p.m. Fair Debt Collection Practice Act also specifies that the creditor cannot make a phone call to the debtor at his work place if the employer restricts the phone calls. FDCP looks after the customers against pestering, unfair practices and lies.

U.S. Cooperative Extension Service

The United States Cooperative Extension Service provides non-profit credit counseling. The agency helps people ease off their credit card debts. These organizations help many people to handle their debts and also provide free educational material along with workshops. Credit counselors must be qualified and skilled in personal debt management, money and consumer credit. Counselors talk about the financial conditions with the customers and create a plan that suits the customer requirements. The first sitting is likely to take an hour. Constant support is available during follow up sittings.

Personal Bankruptcy

People who have a lot of credit cards debt should go through Chapter 13 or Chapter 7 of bankruptcy. When all options are closed, people decide to exercise this option.

Chapter 7 is taken as straight bankruptcy and all assets are included such as work tools, basic household items and cars. Money is given to the creditor when property is sold by the court. They can file bankruptcy according to chapter7 after 8 years when the first one is released.

In Chapter 13, people who have fixed income can keep their belongings as long as the court grants repayments. The debtors have to make payments for 3 to 5 yrs. In this plan the waiting duration is only 2 years. The debt is released after the repayment plan that carries on from 3 to 5 yrs.

Get Out of Credit Card Debt

Many of us face financial and economic hardships at some point in life. There is no need to feel dejected, as there are government programs in place to help you out of a financial crisis. So you can start making use of government credit card debt reliefs programs and make your life free from stress.