After the passing of the Credit Card Act, which will restrict credit card companies' ability to increase interest rates, amongst other things, the credit card industry took decisive action to soften the blow to their profits. Below are some of the changes you may see on your credit card in 2010: An annual fee. Since [...]
Bankruptcy and the debtors who seek bankruptcy protection have often been the unfortunate victims of unfair labels and generalizations. One of the unfair and inaccurate labels given to debtors who file bankruptcy is "irresponsible." Many people see bankruptcy as a cop out or an easy road away from trouble and view those who use bankruptcy [...]
In the state of Texas there is a four year statute of limitations on the ability of debt collectors to sue a debtor because of an unpaid credit card debt. What that means is that if after your credit card debt is charged off, a debt collector only has 4 years to sue you and [...]
Many debtors who have fallen at least six months behind on their credit card accounts are receiving payment demands from debt collectors. These calls and letters can be unsettling and scary. But it is important that debtors understand that debt collectors are infamous for using unethical and even illegal means to get you to pay [...]
Making a late payment on your credit card has always carried a heavy penalty. Most prime credit card issuers will dramatically increase a debtor's interest rate for one missed payment. The penalty interest rate is typically called the "default rate." The average default rate for credit card issuers is 27.88 percent, and more than half [...]
Most credit card companies will send a delinquent credit card account to a collection agency after 180 days of no payment. These delinquent credit card accounts are usually sold for pennies on the dollar. Debt collectors who hold your credit card account are regulated by the Fair Debt Collection Practices Act and can be liable [...]
According to an article in Forbes, as study conducted by the Pew Charitable Trust found that credit cards offered by credit unions may offer lower rates and cheaper fees than their bank issued counterparts. The article said: "The study found that the median advertised interest rates for credit cards issued by the nation's 12 largest [...]
As the school year begins, credit card companies are in a mad dash to rack up as many new and young customers as possible before the Credit Card Accountability Responsibility and Disclosure Act of 2009 becomes effective February 22, 2010, restricting access to youth under 21 years old. According to an article in DetNews, credit [...]
According to an article at KFoxTV, credit counseling/debt settlement companies are using deceptive practices to con credit card consumers by giving the impression that they are calling from a credit card company and offering "lower credit card interest rates." The article said: "Vasquez has received a number of calls on his cell phone playing recordings [...]
After your bankruptcy has completed, you need to take steps to make sure that you avoid the same mistakes that helped lead you to bankruptcy. One of the things you can do to get your financial life back in order is to begin to use credit wisely. Not only will using credit wisely help you [...]