Can’t Cancel Your Own Debt Act of 2022

Can't Cancel Your Own Debt Act of 2022

This bill prohibits a Member of Congress from receiving student loan cancellation for time served in Congress or from a student loan program established or amended by an act of Congress, or set forth by an executive order or agency action, during the period in which the individual is serving as a Member.

Bill 117 HR 6668, also known as the Can't Cancel Your Own Debt Act of 2022, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of individuals being unable to cancel their own debt, particularly in cases where the debt was incurred due to circumstances beyond their control.

The bill outlines several key provisions, including the establishment of a process for individuals to apply for debt cancellation if they can demonstrate that the debt was incurred as a result of a qualifying event, such as a natural disaster, medical emergency, or other unforeseen circumstances. Additionally, the bill includes provisions to protect individuals from predatory lending practices and ensure that debt cancellation does not negatively impact their credit score.

Furthermore, the bill includes measures to provide financial assistance to individuals who are struggling to repay their debts, including grants and low-interest loans. The goal of these provisions is to help individuals regain financial stability and avoid falling into further debt. Overall, the Can't Cancel Your Own Debt Act of 2022 aims to provide relief to individuals who are burdened by unmanageable debt and ensure that they have the support they need to overcome financial challenges. The bill is currently under review in Congress, and its ultimate fate will depend on the outcome of the legislative process.