Is there really a 'Credit Card Relief Act'? Since credit card debt adds debt to those who are in serious trouble and being foreclosed on or needing to do short sales, and the most knowledgeable people are here, I think this is as good a place to post this as any.

I have been asked/told a few times by people that either want to know if there is a real credit card relief or had people tell me they would be OK becuase they were going to take advantage of the credit card relief act.

I feel like I missed something somewhere - I had not heard anything about it. I knew that credit card companies have new laws to follow starting late Spring or some time about then, which was why all the CC companies raised rates and changed terms while they had the chance before then. But I have no memory of hearing about a 'Credit Card Relief Act' for people with over $10,000.00 dollars in debt.

Initially I just considered this a scam from credit repair companies, but some of the people I now hear talking about this as if it were real, are not the people I would imagine touting a hoax or scam.

So if it is just wishing thinking and predatory terms companies are throwing around to sucker people, I would like to address it for people and give them solid info. On the other hand - if there really is something I missed along the way - I need to learn about it.

My search turns up nothing I would consider from creditable source - what say the wise/informed members here?

Kinda stupid if you ask me. people need to learn how to pay with cash or a debit card and they wouldn't be in that mess. If you can't afford to pay cash for it, then don't buy it!

Short answer, no.

I googled and got a link to an ad I hear all the time on radio. This is tv commercial, but it's almost word for word what the radio ad is.

http://getoutofdebt.org/18386/creditanswers-bailout-television-ad-misleading

"Credit card companies have been given billions...settle your credit card debt in the government bailout era"

Deceptive, but it obviously has many convinced that another tax payer funded bailout program exists.

Learn to be content. Spend less than you make. Save for your future. Discipline yourself to delay gratification by saving and paying cash for what you want.
A mortgage that you can afford, well that's a reasonable exception to the advice above.

There is a Credit Card act of 2009, that I did a paper and speech on in my Speech Communication Class for Grad school, but no credit card relief act. I can attach my paper, if you like, as there were actually quite a few beneficial changes made by the government.

And Btw, BPO Bill, your an a-hole for your reply. Who are you to tell people what to do with their money? There are millions of people who have no other options but to live check to check and charge even every day items, such as necessities. Sorry, that the millions of people who do aren't as fortunate as you are to be able to pay cash for their purchases. Why would you even write that? What an idiot.

I always wondered why it was that these Credit Relief scams focus on people who have a minimum of $10,000 or $15,000 in Credit Card Debt . . . . and seem to ignore the desperate little people who only have say, maybe $7500 in debt ? Gosh, aren't they worthy of some help too ?

Well, I think I know. Even though I didn't prepare a Thesis or Dissertation on the subject, I've been watching the Credit Card Relief scam tactics evolve.

When they target the the people with the bigger balances, they're getting the consumers who might have been a little more credit worthy to begin with . . . . people who certainly never thought that they would get to the point that they couldn't pay at least these little minimum payments. They don't belong thereand now think it might be convenient to find someone else to take the debt off their hands. Like a herd of cattle that's been fattened for slaughter. Hope springs eternal.

I think the target audience is made up of people who perceive themselves as well-heeled folks who are not yet delinquent, and actually still have some borrowing power left within their credit limits. That's helpful, because the scam people, under the guise of being "credit workout", and "balance wipe-out" specialists, do intend to charge a Fee for their services. To become a Client, you still have to be in the fortunate position to absorb another few thousand dollar charge on at least one of your Credit Cards, maybe more. Exactly how much . . . . we'll figure that out later; after we examine each of your accounts and see how much more we might be able to milk out of them.

You see, before they can actually go to work for you, there will be a hefty Fee attached to your Credit Card for their services . . . . but what the heck; they will also claim that when you utilize their services, they will go to work to eliminate that part of the your debt too. You do deserve top service, don't you ? We think so too.

It sure sounds like a win-win for everyone, so what's the problem? Maybe it has to do with the fact that they can't wipe out your debts at all. But you do deserve to be able to purchase some temporary psychic relief from your debt worries. And if you're a sinking ship already, how can a few more thousand dollars worth of ballast hurt ?

Now, if your Credit Card Accounts are already frozen, and we can't put our Fee on any one of your active accounts, then please don't bother calling us. We don't work for free. We can't help everyone . . . . and it's already too late for anyone to help you !

Id like to puchase my free time back...but I cant seem to even afford that anymore...sigh...

I could care less what you think. I'm talking about people who take out lines of credit to buy tv's, furniture, and things they don't need. Most people who are over their heads in debt don't do it on necessities such as food. They do it on luxuries. Sounds like I struck a cord with you

1. I have taken care of the rule infraction.

2. It seems like my instincts are right about a 'Credit Card Relief Act'.

3. The real 'Credit Card Act' may help in the long run - but announcing the changes to be made then giving the credit card companies over a year before it was made law - hurt everyone at a time when people could not afford it. Interest rates were raised, credit limits lowered, lines of credit were cut off, added fees were charged ~ and that was for the customers who had been making their payments on time for years and years. It was much worse if you had been delinquent.

4. Vermont - I think you noted my thoughts on this very well, so there is no use for me to add to it - other to say if you have come by this thread via a search for the 'Credit Card Relief Act'... please take this as a warning - please don't be fooled into throwing good money after bad money. I'll search for some good consumer warning links and put them here when I have a moment or two.

5. The best way to keep a roof over your heads is to keep your money out of the hands of scammers offering the 'Credit Card Relief Act'. at least until it really happens

Good Luck!!

This is not intended as legal or financial advice - please see an attorney and/or certified public accountant as the case may be to advise you on those matters. Readers assume all liability for their actions by not obtaining professional advice 'before' you act.