The National Debt Relief Initiative, which is not an official term, has two components aimed at individuals: help for homeowners and credit card company regulations. These are the result of legislation passed by Congress in 2009.

Homeowner Relief

According to a White House Fact Sheet, the Hope for Homeowners program strives to help Americans whose mortgages are more than the current value of their homes. The program focuses on homeowners, who face greater risk of foreclosure, by requiring principle "write-downs" that help increase the equity in their homes.

Additional Help for Homeowners

President Barack Obama signed the Fraud Enforcement Recovery Act in May 2009. The law allows the Department of Justice more authority to prosecute crimes of mortgage or commodities fraud as well as fraud involving United States government assistance programs offered during the economic crisis.

Help for Credit Card Holders

According to a White House Fact Sheet, Obama also signed legislation known as the Credit Card Accountability and Disclosure Act in May 2009. This legislation provides several protections to credit card customers.

Main Intent of Debt Relief

Mike Empey, field representative for Utah Representative Jim Matheson's St. George office, said during a telephone interview, most federal funds for debt relief went to bailing out companies that looked like they would "go under," and very little money went to individuals.

Conclusion

There are reputable credit card companies to help credit card holders manage their debt, but potential clients need to carefully check any company they consider using. Federal help for individuals, however, comes in the form of mortgage modification and new credit card regulations.

Source:

White house fact sheet

White house fact sheet

More Information:

White house website