It begins with a letter from a credit card company telling you that you have been pre-approved for a credit card at a great low rate. You save it for "emergencies". Then the starter goes out on your car, the daycare stops taking personal checks, you are a little low on funds this week and voila, in no time you have maxed out your credit card. Then the low annual percentage rate increases, the annual membership fee is charged to your card and now you are over the spending limit, so other fees are applied. Before you realize it, you are in debt, struggling to make the monthly payments and considering filing for bankruptcy, all the while feeling like a failure. You are not alone.
There is hope, thanks to our federal government. When Barack Obama promised the time had come for change, he was serious. Millions of federal dollars have been funded to programs in order to stimulate the economy, save financial institutions from going bankrupt and giving relief from debt to the average American. There are a number of debt relief companies whose primary function is to settle with credit card companies, so that you are able to pay far less than what you owe, on average about 60%. Another option is federal grants. The biggest change is the federal government is now making laws governing the credit card companies, limiting fees and increased interest rates.
These changes do not take the place of intelligent budgeting, but they do offer hope for a brighter, debt-free future.
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