Obama Credit Card Debt Relief - How To Find Legitimate Credit Card Debt Relief Help

Online, February 7, 2011 (Newswire.com) - Doing a simple google search for "Obama credit card debt relief" will display thousands of results some of which are accurate yet many more are simply not true. Consumers that are seeking debt relief need to understand what they're getting into before they make such a big decision. While there are many legitimate credit card debt relief programs out there, there are also several scammers ready to take advantage of desperate consumers. Here we break down the facts vs. fiction concerning Obama credit card debt relief.

First of all, there is no direct debt relief program that President Obama has endorsed. Debt relief services that tell you that the Obama credit card debt relief program is real are not being honest and should be avoided at all cost. While Obama does not directly sponsor any particular debt relief program, his administration did just pass new federal laws that make one option, debt settlement , particularly attractive.

Just recently, the federal trade commission of the United States instituted new laws that make it much easier for consumers and small businesses to settle their unsecured credit card debt. A process known as debt settlement, which was once a very risky decision, is now much more legitimate. It is now illegal for debt settlement services to collect their fees upfront. Therefore, if they don't deliver and significantly reduce your debt, you don't pay a dime.

Thanks to new credit card debt relief laws passed in October 2010, debt settlement has become a much better and less risky option for consumers. Now when someone enters into a debt settlement program they will not have to pay upfront fees. They only have to pay a fee if the debt settlement company is able to negotiate a successful settlement deal and eliminate at least 35% of your overall balance. So in other words, if they don't perform, you don't pay a single penny.

The majority of the shady credit card debt relief programs have been put out of business with the passage of this federal legislation. They simply cannot survive without collecting upfront fees. The legitimate companies however will ultimately benefit. They companies that have a proven track record of settling consumer debt balances will have enough confidence to collect their fees on the back end after they successfully settle the debts.

Debt settlement is not the only option for credit card debt relief. There is also debt consolidation and credit counseling. It would be wise to speak with a debt relief specialist before making any decision for debt relief. They will be able to go over all your options free and offer non-biased suggestions on what option is best for you.

Check out the following link for free debt help from a certified debt relief specialist:

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