Credit card debt is one of the major problems most Americans face today, along with housing mortgages and unemployment. Majority of Americans owe so much that it is quite hard for them to recover financially without the benefit of monetary aid, whether from private financing sectors or some debt elimination grants from the US government. Since Barack Obama took the presidency, there have been talks of financing programs and Mortgage Relief Act 2010 grants from the government specifically designed to quell and eventually eliminate the debt problems of the American people. The Obama Debt Relief Act, also known as the Making Homes Affordable act, has created a lot of buzz, especially among people who have huge debts to their name and the players of the financing industry.
But is this Relief Act just another program from the government meant to give people false hopes? Or is it the best solution ever formulated to counter the rising debt incurred by many Americans? The truth is that it is supposed to take effect on February 22, 2010. This act is basically designed to address the growing debt crisis in the United States and its approach includes not only credit cards, but housing loans and mortgages as well. It is more than just a debt elimination grant from the government; the Debt Act mandates that creditors and other finance-lending agencies are not to charge their clients with penalty fees unless is they ask for an over-limit fee. Banks are also instructed not to include late fees in their clients' statements if the banks are late in crediting payments.
The Obama Debt Relief Act also tackles debt issues that stem from housing loans and mortgages. The act enables qualified homeowners to refinance and/or restructure their loans and even their terms of contract to make it easier for them to pay their mortgages. Not only does this aid from the Obama Administration helps people to decrease their debts, but also saves their houses from foreclosures as well.
The Worker, Homeownership and Business Assistance Act of 2009 provides a "long-time resident" credit. A "long-time resident" is identified as someone currently purchasing a principal or primary residence after having owned and used another home as a principal or primary residence for at least five consecutive years in the eight-year period ending on the date of purchase of the new home that will now be the primary residence. This credit could be up to $6,500 for a segment of the taxpayer population not normally included as "first-time homebuyers".
There are other options too that are quite effective in dealing with debt problems. It will cost you money in the long run but the payment scheme is so affordable and easy to keep up with that it presents debtors with a great option to get out of debt.
But is this Relief Act just another program from the government meant to give people false hopes? Or is it the best solution ever formulated to counter the rising debt incurred by many Americans? The truth is that it is supposed to take effect on February 22, 2010. This act is basically designed to address the growing debt crisis in the United States and its approach includes not only credit cards, but housing loans and mortgages as well. It is more than just a debt elimination grant from the government; the Debt Act mandates that creditors and other finance-lending agencies are not to charge their clients with penalty fees unless is they ask for an over-limit fee. Banks are also instructed not to include late fees in their clients' statements if the banks are late in crediting payments.
The Obama Debt Relief Act also tackles debt issues that stem from housing loans and mortgages. The act enables qualified homeowners to refinance and/or restructure their loans and even their terms of contract to make it easier for them to pay their mortgages. Not only does this aid from the Obama Administration helps people to decrease their debts, but also saves their houses from foreclosures as well.
The Worker, Homeownership and Business Assistance Act of 2009 provides a "long-time resident" credit. A "long-time resident" is identified as someone currently purchasing a principal or primary residence after having owned and used another home as a principal or primary residence for at least five consecutive years in the eight-year period ending on the date of purchase of the new home that will now be the primary residence. This credit could be up to $6,500 for a segment of the taxpayer population not normally included as "first-time homebuyers".
There are other options too that are quite effective in dealing with debt problems. It will cost you money in the long run but the payment scheme is so affordable and easy to keep up with that it presents debtors with a great option to get out of debt.
