No, there is not a new US law that pays off $15,000 in credit card debts | Fact check
The claim: New law cancels $15,000 of debt for Americans
[En Español: No, no hay una nueva ley que cancele $15,000 en deudas de tarjetas de crédito]
A Jan. 4 Facebook video (direct link, archive link) promotes a supposed new law that will help Americans pay off up to $15,000 in debt.
"New forgiveness law eliminates up to $15,000 from credit cards for all Americans," the narrator says in Spanish. "The program ends today at 8 p.m., so you'll have to act fast before it ends."
The Facebook post was shared more than 100 times in 12 days.
More from the Fact-Check Team: How we pick and research claims | Email newsletter | Facebook page
Our rating: False
There is no evidence of a new law eliminating up to $15,000 of debt for Americans. The post directs users to a for-profit company.
No new law helps Americans cut credit card debt
There are no credible news or government reports about any such law or program. A link in the post leads readers to a private debt relief company in Florida – not to a government website.
While the government isn't paying off credit card debt, over the last several years several programs have given Americans extra cash or a break on costs.
- Three stimulus checks followed the outbreak of COVID-19, with the last one in March 2021 giving eligible households $1,400 for each taxpayer and dependent.
- The Inflation Reduction Act of 2022 capped prescription costs for Medicare recipients and cut home energy costs.
- Last week, the Department of Education announced it's speeding up its Saving on a Valuable Education program, which cancels up to $12,000 of student loan debt for qualifying people who have been in repayment for at least 10 years.
Fact check: Student loan forgiveness, ending payroll tax not part of Trump's 2024 plan
Paste BN reached out to the user who shared the post for comment but did not immediately receive a response.
PolitiFact and Factchequeado also debunked similar claims.
Our fact-check sources:
- Paste BN, March 17, 2021, All of the COVID-19 stimulus bills, visualized
- Paste BN, Jan. 12, 2024, Education Department speeds up relief for some student loan Borrowers on income-based plan
- White House, accessed Jan. 17, American Rescue Plan
- CNN, March 10, 2021, Here’s what’s in the COVID relief package
- Congress.gov, Aug. 16, 2022, H.R.5376 - Inflation Reduction Act of 2022
- Studentaid.gov, accessed Jan. 17, The Saving on a Valuable Education (SAVE) Plan Offers Lower Monthly Loan Payments
Thank you for supporting our journalism. You can subscribe to our print edition, ad-free app or e-newspaper here.
Paste BN is a verified signatory of the International Fact-Checking Network, which requires a demonstrated commitment to nonpartisanship, fairness and transparency. Our fact-check work is supported in part by a grant from Meta.