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Credit card debt law

Home >> Credit card debt page 1 >>Credit card debt law

All credit card users are bound by law and must be aware about it. Most users never bother about the law as it is never understood, and believed to be meant for defaulters, but it makes good financial sense to understand it,

Credit card debt law enforces a fair collection of any outstanding debts; it is covered in details by the Fair Debt Collection Practices Act. It explains the legal power a card company uses against you in recovering debts from you. It needs a thought on the law aspect as well. Since 2009 the new credit card laws came into force ensuring protections for consumers, credit card companies can make no undue demands on the rate of interest increment e.g. in case of increased rates on the card, the existing balance still attracts the old rate of interest. The recent charges after the increase will be affected by higher rate.

In the recent times, the new regulations the customers have an option of canceling the cards before the fees are applied, in case of increase in certain fees, unlike previously. Also the cardholders discontinue the use of the card, the card issuer has the right to raise their monthly payments but subject to certain limitations. The customer has the right to terminate the card. The new law protects the new just applied cardholders enabling the customers to enjoy a lower rate of interest for the first year; the introductory rate takes effect after that.

 
 
 
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