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Did President Obama just cut my credit card balance in half?

I've just a call from a debt consolidation company. I'm guessing that they are calling randomly. Anyway they are saying that with the new credit card policies of President Obama we have the opportunity of lowering our Interest Rate, cutting the balances, and lowering the monthly payments. The catch is that you have to have a balance of 10,000.00 or more.

If someone know anything about the new credit card policies effective last month, please be my guest!


Asked by Anonymous at 10:03 AM on Mar. 9, 2010 in Politics & Current Events

This question is closed.
Answers (6)
  • Be careful of offers like this! You could end up with an unexpected 1099-C for thousands of dollars in income you didn't actually earn! Creditors are able to claim tax write offs and amounts over $600.00 require a 1099-C be issued to the debtor. This amount, even though you didn't "earn" it will be considered income by the IRS and you MUST claim it.

    Answer by yourspecialkid at 10:37 AM on Mar. 9, 2010


    Answer by Anonymous at 10:15 AM on Mar. 9, 2010

  • That has nothing to do with the new laws. They are just trying to get your business.

    Answer by motherofhope98 at 10:27 AM on Mar. 9, 2010

  • That does sound like a scam and if you are smart,you will tell them no thanks.

    Answer by Lindalu2 at 11:15 AM on Mar. 9, 2010

  • We get calls all the time about lowering our credit card rate....thing is we DON'T have any credit cards. The calls are those computerized messages that say if you're interested to press 1, etc. We just hang up. They are simply trying to get more business and if you go for one of those deals, you could, in the end, be further in debt.

    Answer by meriana at 11:33 AM on Mar. 9, 2010

  • LOL sorry honey, those calls are not from Obama and there is nothing in the new CC rules that say that.
    The fact is there are companies that will negotiate your balances and interst rate for you for a fee. I can garauntee you will find a hefty fee involved in this transaction if you persue it.
    If you really need to do something like this please do not call anyone excelt the consumer credit counseling group. Tthey are the only legit ones to get help and counseling from.

    Answer by itsmesteph11 at 12:01 PM on Mar. 9, 2010