For a very long time in America, debt relief was something that the individual had to take care of on his or her own. There was very little assistance forthcoming from the government. However, the stimulus package has changed everything. If you take a look at the various laws promoted by the government since 2005, you will realize that the ground has been set for fantastic debt settlement deals.
For starters, bankruptcy became a very difficult transaction. Not that it was very easy to begin with but it became even more difficult and complicated. The complications were the primary reason why people visited bankruptcy attorneys.
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Now, utilization of the services of an attorney became indispensable. These also increase the cost of bankruptcy. Their second major change came in the form of the stimulus package. The stimulus package has created financial and moral justification for the debt settlement deals. A fifty percent discount was very difficult to offer because the credit card issuers were just not in a position to manage the same.
However, the presence of the stimulus money in the economy meant that the average individual could easily get fantastic debt relief. The government money was being used to overcome the losses suffered by the credit card issuers.
This meant that the debt settlement discount percentage could increase from twenty to fifty and even sixty percent. There have been instances where even seventy percent discount has been offered to those who are facing the problem of excessive debt.
The third major change came in the form of the Card Act. The Card Act did not have any retrospective effect but it made sure that those individuals who opted for credit cards after the Act came into force enjoyed fantastic benefits.
The Act is very much in consonance with the current economic condition. The average individual is not in a position to avoid significant increase in the credit card debt and is in a position to freeze the amount in such a manner that the debt will be repaid in a faced manner.
The biggest point here is that you should take advantage of these debt relief options. The coincidence that has resulted in such fantastic deals may not last for very long time. The smartest option is to take advantage of all these loopholes before they are withdrawn. Once the withdrawal begins, the credit card issuers will start biding time to earn more profits.
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