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Regulators nix credit card debt forgiveness plan

by Riley Jones on Thu 13 Nov 2008 11:01 AM EST | Permanent Link | Cosmos

Federal bank regulators have rejected a request by banks and consumer advocates for a program to let lenders forgive huge portions of credit card debt.

The Office of the Comptroller of the Currency rejected the request for a special program that would allow as much as 40 percent of credit card debt to be forgiven for consumers who don't qualify for existing repayment plans.

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