News On Unsecured Debt - How The Government's New Card Legislation Can Work For You

Before the Card act was passed, going in for a credit card was a bit of a lottery

. There always was a risk involved in the entire transaction. You never knew when lenders would suddenly make a policy change and leave you in a lurch. You had absolutely no way of finding out when penalties would be applied. Even the smartest individual always found it difficult to manage credit cards.

The lender would post the credit card statement with the changed due date without any advance intimation. It was almost as you were asked to dodge bullets with your eyes closed and your hands and feet tied. This pitiful state no longer exists. All you have to do is make use of the terms and conditions as specified in the legislation to keep track of your unsecured debt.

Do you know that the penal interest will be levied the moment sixty days pass without making any payment? Now, there is no need to worry whether your credit card issuer will impose penalties and penal interests at their whims and fancies. You just have to keep track of the sixty day period and focus on this duration alone.

What is more, you need not make the mistake of getting in touch with the lenders in advance. If you are not in a position to make any payment for two months at a stretch, then and only then should you get in touch with the lender and talk of alternative solutions. If you can whip up a payment within this period, you can escape all penalties.

The solution may range consolidation loan to a settlement deal. The best part is that your credit score will not take a hit and debt collection agents will not enter the picture. Instead, you can appoint debt settlement agencies to interact with credit card issuers on your behalf. Needless to say, you will have the option of managing your debt problems with minimum fuss and complications.

The reduction in the credit score was one of the biggest disadvantages of settlement. If you can protect your credit score and go in for solution consolidation, you can completely avoid the damage. On the other hand, if a settlement offers fantastic benefits and not qualify for other relief measures, you can opt for settlement with the confidence that you are taking right decision even though your credit score is taking a hit.

If you are one of the millions of Americans who has over $10,000 in unsecured debt, it is time you found out about the debt settlement options available to you. Due to the current economy an overwhelming amount of people are in debt, creditors are having no choice but to agree to debt settlement deals. To get free debt help click the following link: Free Debt Help

Visit http://www.free-debt-relief-advice.com

by: Satyendra Mishra

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