Credit Card Debt To Disappear?

Credit Card Debt To Disappear?

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The Financial Services Roundtable and the Consumer Federation of America is hoping to find a solution to credit card debt by potentially reducing some American's current debt.

The two groups are asking federal regulators to allow lenders to reduce, by as much as 40 percent, the amount of credit card debt owed by deeply indebted consumers.

The pilot program would target those who don't qualify for the repayment plans already available.

The amount of debt to be forgiven would be decided on a case-by-case basis, depending on the borrower's financial condition.

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