Credit Card Defaults, Settlements and What Should Be Done

rate credit card defaults since President Obama was in the office jumped. Now I'm not saying that this situation is entirely his fault. We could easily extend beyond the blame game. We can apply some of the blame for Obama and his economic policies, some of the blame for Democrats and Republicans in the House and Senate, and some of us it over indulged credaholics American who thinks nothing of charging away our lives believing that we will be able to pay the Piper later.

We were on a roll in the years leading up to President Obama. It seemed like a golden age. Not golden retirement years that we all yearn for, but simply a loan, no documents, no checks only in the hands of gold years. We are all guilty of it, myself included. After all, if Visa, MasterCard, Amex, etc. are shared by why I should have my part of the American golden age too? After all, the value of my house is growing 10-20 percent annually. It really is my money, not borrowed money. I'll worry about next year. In the meantime I have to indulge and spend more borrowed money.

Unfortunately, all this turned out to be a bad dream for many American families, when the music in the game of musical chairs stopped playing, and you had to find a place. Suddenly, the reality of the economy to hit us and hit us hard. Banks are foreclosing left and right. The main Wall Street firms collapsing, unemployment is almost 10 percent. This is not a good time anymore.

So, the question is, if the government spent so much money trying to boost the economy, sharing billion in stimulus packages, trying to help people restructure home loans to help them refuse to foreclosures, extending unemployment and talks about maintaining the Bush tax cuts, why have not they done something to help people in this mess by credit card?

It seems to me that there is a very simple answer is that our government should be carried out to millions of people who are stuck in debt, behind on credit card payments, and who were persecuted by those nasty collection agencies at all hours of the night.

IRS tax rules say that the forgiveness of debt of more than $ 600 is considered income. Now I know many people who have settled in their credit load 30 or 40, or 50 cents on the dollar just lift the stone from the shoulder to give them a chance to fiscal life back in order. Why does not the government enact legislation, and even temporary law during this economic collapse to stop the IRS from taxing this? It makes perfect sense to me. Let's try to get rid of our debts, no additional tax burden imposed on and get on the road for a new debt free lifestyle. It is nonsense that the tax debt forgiveness over $ 600 in the battered economy, just stupidity.