Posted on
February 26, 2010
at
2:22 am
What's that Obama's new debt relief program about again?
Posted on
February 26, 2010
at
4:18 am
Right. And that's effective right about now- February 2010.The law is about:-credit card companies giving consumers 45 days before they can up the interest rates.-the consumer's payment being first applied to the highest interest rate balance.
Posted on
February 26, 2010
at
5:07 am
RE: What's that Obama's new debt relief program about again?- It's officiallycalled Credit Card Accountability, Responsibility, and Disclosure Act :-The credit card company can only increase the interest rate if the consumer's payment is 60 days late-Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer for it. Also, banks may not charge late fees if they were also late in crediting a payment.-Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.-Credit card companies must give the consumers 45 days before they can up the interest rates.-The consumer's payment must first be applied to the highest interest rate balance.
Posted on
February 26, 2010
at
5:12 am
Let's see if those would help the consumers any ...In the meantime, speaking ofdebt relief programs - did you know that it's a whole new industry? The debtrelief industry is dedicated to helping the consumers manage or eliminate theirunsecured debts in the span of 1 year to 5. Two leading programs are credit counselingand debt settlement. Credit counseling deals with the interest rates and debt settlementwith the balance itself.
Posted on
March 14, 2010
at
1:11 pm
I have read conflicting reports on how payments are to be applied. I have read the Act and it is not very clear. Of note, if they are supposed to apply the payment to highest interest balance, then Capital One is out of compliance.
