Is there a gov't program to legally erase credit card debt/?

I received several calls that there is a gov't program to legally erase my credit card bill down to zero and they leave a number to call back but I never call them back because I'm scared with all the identity thief this time but on the other hand if this is true then I missed th oppurtunity, I need help.

There are companies that can do this, they also can ruin your credit, prevent you from buying a house, be denied a job and find yourself in court and winding up handing over 25% or your wages.

There is NO SUCH THING AVAILABLE. As others mentioned, these programs are scams.

The only true legal way to erase debt is to file Bankruptcy. Either Chpt 7 (and not all creditors have to accept this either). or Chpt 13 which is simply a program where you sell assets and pay off the debts in a restructured program over a period of 3 to 5 years.

Hope this answer is of help to you
LEGAL DISCLAIMER: The answer provided here is intended for informational purposes only. It is not intended nor presumed to be legal counsel or professional legal advice

It's a scam! They want to make money out of you.

No - it's a scam. You'll just have to pay your way - and cut up your card so you can't spend any more!

Scam. Think about it: why would the government be calling you if there were such a thing?

Yes there is a legal government program to erase all of your credit card debt. It is called bankruptcy. Any other program is a scam.

There is no government programme, but there are companies who advertise their services because it can be done legally. The site that helped me was www.bdebtfree.info as long as your credit card was taken out before 1 April 2007. This one is cheaper than some other companies who advertise to cancel your cards. Good luck.

That is a scam. No one can erase it down to zero. What you can do is call the credit card companies yourself and make a deal with each one. Offer them 30 cents on the dollar with lower monthly terms and lower interest and see what they offer in return. This article was in today's NY Times
Hard times are usually good times for debt collectors. But in this recession, perhaps the deepest in decades, the unthinkable is happening: collectors, who usually do the squeezing, are getting squeezed a bit themselves.
After helping to foster the explosive growth of consumer debt in recent years, credit card companies are realizing that some hard-pressed Americans will not be able to pay their bills as the economy deteriorates.
So lenders and their collectors are rushing to round up what money they can before things get worse, even if that means forgiving
a portion of some borrowersвЂ™ debts. Increasingly, they are stretching out payments and accepting dimes, if not pennies, on the dollar as payment in full.
вЂњYou canвЂ™t squeeze blood out of a turnip,вЂќ said Don Siler, the chief marketing officer at MRS Associates, a large collection company that works with seven of the 10 largest credit card companies.
вЂњThe big settlements just arenвЂ™t there anymore.вЂќ
Banks and card companies are bracing for a wave of defaults on credit card debt in early 2009, and they are vying with each other to get paid first.
So even as many banks cut consumersвЂ™ credit lines, raise card fees and generally pull back on lending, some lenders are trying to give customers a little wiggle room. Bank of America, for instance,
says it has waived late fees, lowered interest charges and, in some cases, reduced loan balances for more than 700,000 credit card holders in 2008.
American Express and Chase Card Services say they are taking
similar actions as more customers fall behind on their bills. Every major credit card lender is giving its collection agents more leeway to make adjustments for consumers in financial distress.
Debt collectors, who are typically paid based on the amount of money they recover, report that the number of troubled borrowers
getting payment extensions has at least doubled in the last six months. In other cases, borrowers who appear to be pushed to the brink are being offered deals that forgive 20 to 70 percent of credit card debt.
In the past, troubled borrowersmight have been able to pay down card loans by tapping the equity in their homes, drawing on retirement savings, taking out a debt consolidation loan, or even calling a relative for help. But with credit tight, consumers are maxed out.
вЂњKnowing that the sources of funding have dried up, having
someone pay the balance in full isnвЂ™t a viable strategy,вЂќ said Tim Smith, a senior executive at Firstsource, one of the biggest debt collection companies.
ERIC DASH

A few years ago, I heard TV ads that said something similar. A federal program that eliminates your debt or let's you make low, low payments. Being interested, I researched the program. Know what it was? Bankruptcy. That's the only government program that will eliminate your debt.
Debt consolidation is not the same thing as debt settlement. Consolidation puts all your debt together and making one payment per month to the debt management company. The company then pays your creditors. Although, there are many reputable companies out there, there are just as many that are not. So, do your homework before joining.
Debt settlement companies tell you to stop making payments and have you put monies into an account. During that time they will try to get the creditors to settle for as little as possible. Once agreed, the settlement will be distributed from your savings.
Debt settlement can be tricky, as you can stir up more trouble than you were hoping for.
Also know that your creditor may have different in-house programs to help you. Some can reduce your monthly payment, interest or both.

I wouldn't trust them.

go with your creditors talk to them about some sort of payment plan and see if they will help you

bankruptcy is the only way to legally get erase debt.

I heard suzie ormond talk about this and I reserached it.

Debt consilidation companies charge you a fee.
For this they tell you to ignore you bills and they will take care of this.
The truth is they don't pay, and bill collectors still call.
The thinking is:
That card companies will get scared and settle.
But suze said that most dont since they are still making money off late fees and interest.
Some do, but eventually they still take you to court.
AND FOR THIS THEY CHARGE YOU.

Try nfcc.org (i think), its an association that charges you $25/month and help you deal with the credit card companies yourself. As far as I'm concerned you can do this yourself. Call them and threaten to cancell if they don't lower interest rates. If you can make them a settlement offer - remember that they will not settle for less of the amount of purchases - they will just reduce fees.

Google debt consolidation complaints. It will open your eyes.
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There are 3 avenues here.

1. You pay. You are already doing that.
2. You don't pay and declare bankruptcy. While the courts *might* approve the bankruptcy and erase the debt, the lenders will issue you a 1099-C and that can eventually cause you to have to pay income tax on the money. (You reduce the basis in any remaining asset by the amount of cancelled debt, say a car to zero and if you ever sell the car, the money you get is income.)
3. You don't pay, but somehow convince the creditor to accept a partial payment (a "settlement")--same deal, they send you a 1099-C for what you didn't pay and you either include the 1099-C as income or you prove that you were pretty much bankrupt.

See IRS pub 4681.

By the way, the banks are tired of not getting paid. They convinced congress to rewrite the bankruptcy rules a few years ago (making many people fall under chapter 13 where they have to repay much of the debt) and they don't have to agree to settle. Many now just sue you and levy your bank account.

yeah man of course.
I know loads of poeple who have done it.
There's loads of information at www.cashloopholes.com
its a forum where poeple discuss money secrets and loopholes, and there's always something about credit card debt on there.
nothing off the top of my head though.

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