Credit relief act- Must know to get maximum benefit

Credit relief act- Must know to get maximum benefit

Every one must have little or complete knowledge about credit card debt relief act if one wants to enjoy maximum debt relief. Such Debt relief act are meant to provide relief against increasing interest rates and fees of credit card company. No matter, whether you have any due debt or not, its good to know what are your rights and how to use it.

Credit relief act comprises of three phases Accountability, responsibility and disclosure. We all know that credit lender company make their own rule and always try to charge higher interest rate in order to get more than what they have given. At the time, when you are in urgent need, you will accept it due to scarcity of time and become victim of such unethical terms.

Debt relief act are to protect such victims and regulate practices of lender in the favor of customer. According to Act 2009, lender company has to give forty five days notice to customer before changing any rule or rate of interest. Earlier it was fifteen days but to provide additional protection to users , it is changed now.

New Debt help also make it mandatory for credit card company to give twenty one days time to pay due payment of credit card before applying late charges. There were days when credit card raise their rate whenever they wish and we have to go along with them. Now you an option to freeze your card if you are not fine with the increasing rates. Just freeze the rate at current rate and enjoy peace of mind.

Though after doing this, you can not use you card in future and have to pay debt in coming five years. We can say it perfect but at least you have an option to refuse discretionary rate increases. You can even take services of a professional credit consolidation company to negotiate your outstanding payment against credit card company. But make sure, your debt relief company knows the current laws and its applications.

If you are in financial trouble and not in position to repay, debt settlement is perfect for this time. Merge all accounts in a single account and settle your due debt at lower rate. Credit card act not only protect consumers right but regulate functions of lenders.

Credit Relief Act

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