Credit card debt remains a huge problem in the United States and many consumers are searching for a federal government credit card debt relief plan. It is very important to understand that there is no such thing as a federal government credit card debt relief plan but there are many resources available online that can help you get out of debt by budgeting wisely and paying down high interest rate debts.


In February of 2010 the Obama Credit CARD Act was signed into law and this should greatly help consumers save money over the long run. The CARD Act states that credit card companies must give a 45 day notice of an interest-rate increase. If there is any chance of an increase in the interest rate on your credit card you will be given over a months notice so you can adjust your spending habits and hopefully pay off that particular credit card.

Over the long run this could save a significant amount of money for consumers. It has been the case in the past the credit card companies have increased interest rates and not alerted customers. Several months could possibly go by before customers realize that interest has been building higher than they expected. This will no longer be the case after the Obama Credit CARD Act.

Author: Heather Best