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all these credit help companies talk about lowering your credit or cutting it in half with all the stimulus package the government has given to the banks, that that savings are being passed on to their creditors?

This is an interesting point and one that I’ve been hearing a lot lately…Namely that somehow the government stimulus package directly helps people in credit card debt by paying their bills or providing them with money to do so.

If you hear that or something similar from a debt relief company, be very careful!

There is no stimulus program that directly provides money to people with too much credit card debt. It’s a bad desperate sales pitch and those who use it should be avoided in my opinion.

The program passed recently by the government has more to do with unpopular and largely unfair business practices of the credit card industry. The regulations seek to level the playing field making it harder for credit card companies to change their rates and fee structures at will among other things. You may cread about the Credit Card Reform Bill Here.

The truth is, many companies are putting an incorrect spin on the bill that was passed making it seem like there was a Federal credit card debt relief stimulus program (ie-personal bailouts) sponsored by the US government, some going so far as even using Obama in their TV ads. I am surprised they have not been stopped yet. Regardless, I think is is a questionable marketing practice at best and fraudulent at worst, so be careful.