No Such Thing As A Credit Card Bailout

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No doubt you have probably seen the headlines ?Obama?s credit card bailout? or some other just as ridiculous thing.

But there is no such thing. No bailouts for credit card debt from anyone.

What this is, is an advertisement for some type of debt settlement company who wants you to call. If you call then they have the opportunity to sell you on their services.

Debt settlement programs usually try to help you out by negotiating with your lenders for you to pay a lesser amount to satisfy the balance. If you are in trouble it may work out for you but if your credit is not already shot, it will be before you finish with a debt settlement program.

If you end up settling with your lenders, your credit report and score will take a hit.