Why Debt Relief? What Credit Card Companies Don't Tell You But Consumer Credit Counselors Will.

Without question, the credit card industry, the financial industry or money related industries in general are the most greedy (imagine that)

. For debt relief, you should contact consumer credit counselors for help.

There actually ARE some laws that credit card companies have to follow when lending and trying to collect money, but obviously they do not really want you to know about these things, along with the ways they make their money by tacking on fees and surcharges. That's why all these little details are in the fine print that, first of all, is quite difficult for the average American to understand, and second, is to lengthy and boring to read in full prior to any signature requirement. Have you ever applied for a Target card? Standing there in line, 4 customers barely holding onto their merchandise while you fill out your middle initial, employer, and former addresses on the application so you can receive your 10 percent off and your new Target credit card.

Well, aside from some of the ridiculous fees and the screw-ball, inappropriate ways they handle their collections, here are a few of the other details you should know:

1. You HAVE options. If you and the credit card company settle for an amount less than what you owe, and you follow through and pay them in full, they can NOT continue to report negative information to the credit score agencies. This type of solution will be reported as "settled" on your report and no more negative dings will accumulate on this account. This is usually a better option than continued late payments as information stays on your credit for 7-10 depending on the reason.

2. They can't put you in jail for not paying. Many collection companies, or employees who are paid commissions on the amount of debt they collect, use improper and illegal debt collection practices. Know your rights. Contact one of many good consumer credit counselors for more information.

3. If you ask them not to call you again, they are not allowed to call you again.

4. They can't call you before 8:00 AM or after 9:00 PM. It is against the law.

5. Regarding unsecured credit, they can't take your home or anything else or even threaten to take those things, legally.

6. Their greedy practices should be exposed. Here's an example: I once took a call from a credit card company who told me I needed to pay a certain amount to be caught up. After further questioning, I discovered if I only paid the amount they told me to pay to be "caught up," I would have received an over the limit fee once the next interest charges were added to the account (in 3 days). Of course they knew this, but didn't want to tell me initially, because they like customers who get charged fees - it's how they make their money.

Know their tricks. For more information, see www.settlementdebtservices.org/consumercreditcounselors or www.creditconsolidationonline.org/consolidationofdebt

by: Al Gibson

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