If you have unsecured debt you have probably heard of what most experts are calling the “Debt Bailout”. Much like the mortgage and student debt bailout several years ago, millions of Americans are having their debt settled, or in some cases completely eliminated through the hardship relief program available to those with $10,000 or more in unsecured debts. The great news is several types of debts are qualified for the program and can see drastic relief up to 65% of the total balances on:
- Credit Cards
- Medical Bills
- Collections Accounts
- Payday and Personal Loans
- Any debts not tied to collateral
According to the Washington Post, More Americans are leaning on their credit cards in the face of rising prices. And as interest rates continue to climb, that debt is getting a lot more expensive.
The average credit card user was carrying a balance of $5,474 last fall, according to TransUnion, up 13% from 2021.
That marks a reversal from the first year of the pandemic, when many Americans were able to pay down credit card debt, thanks to generous government relief payments and limited spending on travel and entertainment.
As credit card balances balloon again, they can cast a long shadow over family finances. Here’s what to know about rising credit card debt – and what you can do about it.
Americans are rushing to enroll in the hardship relief program to get immediate assistance with high debt loads, harrassing creditors and get the help they deserve and are entitled too. As such, due to high demand, the harship relief program has established a central helpline at (877) 300-8506 where consumers can automatically connect with a Hardship Relief Program counselor and freely explore their options for relief
Why are Creditors Willing To Settle ?
The amount of money owed by individuals continues to grow due to high compounding interest rates. This is making it even harder for many to overcome student loan debt. As a result, many Americans are finding themselves under a huge burden and cannot pay for everyday essentials including rent, mortgages, car payments and even monthly food bills. The effects of overbearing student loans are also affecting the national economy and adding to the growing financial crisis in America.
The Department of Education hopes Student Loan Forgiveness options will put more money in our pockets and stimulate the economy. Like the policy or not it may help millions of Americans get back on track. The problem is that these programs could change at anytime under the new administration, therefore, borrowers are urged to take advantage while there is still time. Check your eligibility for loan forgiveness by contacting the free Borrowers Relief Program helpline at (877) 394-4713.