Government Credit Card Debt Relief 2010
Posted on
May 20, 2010
at
3:48 am
what is the government credit card debt relief 2010all about?
Posted on
May 20, 2010
at
4:37 am
government credit card debt relief 2010 - hello, that is not an official term and is a bit misleading. Consumersmay think that it's a debt relief (for perosnal credit card debt from the government), but it'sreally more for the banking institution, so they'dbe more accomodating of debt relief programs.
Posted on
May 20, 2010
at
5:12 am
Hello, let me just elaborate on that, The credit card act was effective February 2010t.The law is about:-credit card companies giving consumers 45 days before they can up the interest rates.-the consumer's payment must first be applied to the highest interest rate balance.Interest rates:--- If the consumer's payment is 60 days late, the credit card company can increase the rate.Penalty fees:---- Unless the consumer has asked for an over-limit fee, the creditors can't charge the consumer College students:--- Credit card companies may not market to people under the age of 21, without parental permission, or verification of their ability to pay.
Posted on
May 20, 2010
at
5:14 am
Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009-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
May 20, 2010
at
5:23 am
Oh thank you all, but those won't seem to help me with my credit card debt. Notat all ..
Posted on
May 20, 2010
at
5:34 am
Hello band on the run, you are correct, it won't help you with your credit card debt, but you know what would? Debt relief programs. You can do either debt settlement or credit counseling. As to which one? That would depend on your total debt amount and account status.
Posted on
May 20, 2010
at
5:36 am
Right, if you owe $10k or more and your accounts are past due, it would make more sense for you to settle. Debt settlement is about negotiating your total balance to more or less half, so you can be debt free in less than 3 years. If you're wondering about the fee, it is 15% of your total debt amount or 20-25% of the settlement amount.
Em Rep Points:
Posted on
May 20, 2010
at
5:49 am
If you owe less than $10k and your accounts are still current, meaning you still can afford to pay but barely so, you may instead sign up for a debt management plan (credit counseling) and have your interest rates negotiated, so you can pay down your principal debt much quicker. DMP would cost you $25/mo after a one time set up fee.
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