Feds: No Forgiving Credit Card Debt

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Federal bank regulators have given a thumbs down to the idea of forgiving credit card debt.

Some banks and consumer groups had asked the government for a special test program that would have forgiven up to 40 percent of credit card debt.

It would have effected as many as 50,000 people. But regulators didn't like the idea of avoiding timely payments.

Instead, they say they will continue to work with banks and Congress for alternatives.

Americans have an estimated $900 billion in credit card debt.

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