SOURCE: Debt Help Now

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March 09, 2010 16:25 ET

The New Credit CARD Act Is Here, and Is Ready to Help Consumers Roll With the Changes

SACRAMENTO, CA--(Marketwire - March 9, 2010) - has announced adjustments to its debt settlement program to better help Americans affected by the New Credit CARD Act of 2009.

Financial figures, recently released by the Federal Reserve Board, paint a grim picture as America looks to close the first fiscal quarter of 2010. Over 1.4 million bankruptcies have been filed since January, along with almost 900,000 home foreclosures.

The lower and middle classes' ability to leverage change appears limited in light of other statistics. Overall consumer debt now stands at just under $2.46 trillion dollars, approximately $866 billion of which is comprised of credit card accounts.

The New Credit CARD Act of 2009 has eased some concerns, but raised many more. For this reason, debt settlement companies such as have had to alter their approach in how they assist consumers.

"Some of the 'bad practices' have been eliminated by the Act," said company spokesman Chris Bollnow. "For example, if a payment is due on the 15th of the month, credit card issuers can no longer charge late fees unless payments are received after the close of business on the 15th. However, the Act placed no ban on new fees, and we're already starting to see banks trying to circumvent the spirit of the law." Mr. Bollnow added, "The Act also caps rates on existing balances, but there is no cap on future purchases. For that reason, we have had to change our approach to negotiation."

The revised program takes a dual approach to working with banks and credit card issuers, based on pre- and post-Act formulas. The shift will allow consumers to pare down balances at the fastest possible rate. Said Bollnow, "Our goal is to see a debt-free America within a few years."

About is a leading debt settlement firm. Anyone with personal revolving debt (such as credit cards) in excess of $5,000.00 is encouraged to seek qualified help to resolve their debt situation. For more information, or to enroll in a debt settlement program, please visit

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