Credit Card Consolidation Loan - Ways the Government Encourages Consumer Debt Relief

If your financial reputation is in jeopardy because you are unable to repay your credit card debt (Unsecured credit card debt), you must consider some serious options to slither out of the mess. The year 2010 is full of opportunities for people who are looking out for genuine help to put things right. The government is fighting tooth and nail to pull the economy from the imminent recession. The government is well aware of the fact that the common man is confronting various problems like unemployment, inflation and the ever rising credit card debt. It is the responsibility of the federal authorities to pave ways to solve the problems of the creditors as well as the debtors.

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Credit card consolidation loan is one option that can be explored by borrowers who have taken loans from different sources. In this case, all their debt is piled into a single loan on a low rate of interest. The loan amount is returned to a particular creditor in convenient monthly installments. The credit card consolidation loan can obviously be managed by those debtors who have a regular source of income. People who have a total unsecured debt of over $10k can choose the debt settlement option. They can draw a discount of as much as 50%-70% on the total outstanding amount.

The government adopts different ways to lure consumers to consider loan consolidation for credit cards:
The government has thrown huge amounts of stimulus money to revitalize the economy and to bail out innumerable business firms and financial institutions. The government has approved various legitimate ways to assist people in moving out of debt, like Debt settlement and Debt consolidation.

The government has launched the Internal Revenue Service (IRS) to grant tax relief to debt settlement and debt consolidation programs. You have to return your loan at low interest rate and not any taxes. The government provides federal assistance to people who are on the verge of bankruptcy. All you have to do is to prepare a proposal, if your proposal is accepted by the authorities; you can obtain financial help from the government.

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