Finance Space

Many Americans are searching for an Obama credit card debt relief program. Unfortunately there is no true Obama credit card debt relief program but the FTC and Federal Government have created many free resources available online to help you lower your high interest debts through education and research.

By simply accessing the FTC website at FTC.gov you will find many free articles that will help to explain your rights when it comes to credit debts and it will also give you strategies to get out of debt as quickly as possible. The best way to get out of debt is to educate yourself on the issues and take the necessary steps to adjust your budget.

Credit card delinquency rates fell last month at major U.S. lenders, including Bank of America Corp and JPMorgan Chase & Co, in the latest sign that Americans are starting to climb out of the recession.

On the downside, credit losses from uncollectable loans were still high, and worsened for JPMorgan, Capital One Financial Corp and American Express Co, according to regulatory filings by the companies on Thursday. And credit losses for many lenders were up from a year earlier.

But delinquencies are a better gauge of future loan performance, and with fewer consumers late on their bills, the outlook for credit losses over the summer may be improving.

Q: I have several cards that I don’t use, and I worry that I could get hit with inactivity fees and other new fees if card companies look for ways to make money in reaction to the new credit card law. It seems as though it would be better to close the credit-card accounts rather than have to pay the fees, but I’ve heard that doing so can hurt your credit score. Sounds like a Catch-22. What should I do?

Capital One platinum card

Capital One has launched a credit card that I never thought I’d see. Halifax’s past offering of a card with 0 per cent on purchases and balance transfers of 12 months was an outstanding proposition that I could envisage being matched but never surpassed.

Capital One though has blown it out of the water with a 0 per cent offer on the holy grail of purchases and balance transfers until 1 September 2009. Capital One’s important and compelling free identity theft service, which comes standard with all of its cards, is of course in place on this new Platinum card. Naturally, as the card is so good, it is likely to be saved for the cream of applicants.