Can’t Cancel Your Own Debt Act of 2023

Can't Cancel Your Own Debt Act of 2023

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 118 hr 1234, also known as the Can't Cancel Your Own Debt Act of 2023, is a piece of legislation currently being considered by the US Congress. The main purpose of this bill is to address the issue of individuals being unable to cancel their own debt.

The bill aims to provide relief to individuals who are struggling with debt by prohibiting creditors from taking certain actions to collect on that debt. Specifically, the bill would prevent creditors from garnishing wages, seizing property, or taking other aggressive actions to collect on debt.

Additionally, the bill would require creditors to provide clear and accurate information to individuals about their rights and options for managing their debt. This includes providing information about debt relief programs, credit counseling services, and other resources that may help individuals get out of debt. Overall, the Can't Cancel Your Own Debt Act of 2023 seeks to protect individuals from aggressive debt collection practices and provide them with the information and resources they need to manage their debt effectively. It is currently being debated in Congress and may undergo changes before being voted on.