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Credit card debt consolidation is your answer to credit card debt
Credit card debt consolidation is very popular because many people
go into credit card debt early in life. When you go through a credit
card debt consolidation service make sure that the interest rates
they are offering are lower than those of your credit card. There
are special programs designated for credit card debt consolidation.
You can get free debt
consolidation help and talk to a counselor about their credit
card debt consolidation program to get out of credit card debt.
As part of a credit card debt consolidation program a counselor
get help lower your credit card debt by up to 50%. The credit counselor
can either consolidate your credit card debt as part of their credit
card debt consolidation program or take another course. The other
credit card debt consolidation course is to contact your creditors
directly and negotiate lower interest rates for you. Creditors are
willing to work with counselors who have established themselves
as being part of a respectable credit card debt consolidation company.
Creditors know that if you are working with a credit card debt consolidation
company to pay off your credit card debt, you are more likely to
come through. That means that you are serious about working with
the credit card debt consolidation company to pay off your credit
card debt.
It is very easy to fall into credit card debt. Keeping reading
to find out more about what you should do when you receive a credit
card.
Avoiding Credit Card Debt Consolidation
- The Facts
Receiving a Credit Card
Federal law prohibits issuers from sending you a card you didn't
ask for. However, an issuer can send you a renewal or substitute
card without your request. Issuers also may send you an application
or a solicitation, or ask you by phone if you want a card - and,
if you say yes, they may send you one.
Cardholder Protections
Federal law protects your use of credit cards.
Prompt Credit for Payment.
An issuer must credit your account the day payment is received.
The exceptions are if the payment is not made according to the creditor's
requirements, or the delay in crediting your account won't result
in a charge.
To help avoid finance charges, follow the issuer's mailing instructions.
Payments sent to the wrong address could delay crediting your account
for up to five days. If you misplace your payment envelope, look
for the payment address on your billing statement or call the issuer.
Refunds of Credit Card Balances.
When you make a return or pay more than the total balance at present,
you can keep the credit on your account or write your issuer for
a refund - if it's more than a dollar. A refund must be issued within
seven business days of receiving your request. If a credit stays
on your account for more than six months, the issuer must make a
good faith effort to send you a refund.
Errors on Your Credit Card Bill.
Issuers must follow rules for promptly correcting billing errors.
You'll get a statement outlining these rules when you open an account
and at least once a year. In fact, many issuers include a summary
of these rights on your bills.
If you find a mistake on your bill, you can dispute the charge
and withhold payment on that amount while the charge is being investigated.
The error might be a charge for the wrong amount, for something
you didn't accept, or for an item that wasn't delivered as agreed.
Of course, you still have to pay any part of the bill that's not
in dispute, including finance and other charges.
If you decide to dispute a charge:
- Write to the creditor at the address indicated on your statement
for "billing inquiries." Include your name, address,
account number, and a description of the error.
- Send your letter soon. It must reach the creditor within 60
days after the first bill containing the error was mailed to you.
The creditor must acknowledge your complaint in writing within
30 days of receipt, unless the problem has been resolved. At the
latest, the dispute must be resolved within two billing cycles,
but not more than 90 days.
Unauthorized Credit Card Charges.
If your card is used without your permission, you can be held responsible
for up to $50 per card.
If you report the loss before the card is used, you can't be held
responsible for any unauthorized charges. If a thief uses your card
before you report it missing, the most you'll owe for unauthorized
charges is $50.
To minimize your liability, report the loss as soon as possible.
Some issuers have 24-hour toll-free telephone numbers to accept
emergency information. It's a good idea to follow-up with a letter
to the issuer - include your account number, the date you noticed
your card missing, and the date you reported the loss.
Disputes about Merchandise or Services.
You can dispute charges for unsatisfactory goods or services. To
do so, you must:
- have made the purchase in your home state or within 100 miles
of your current billing address. The charge must be for more than
$50. (These limitations don't apply if the seller also is the
card issuer or if a special business relationship exists between
the seller and the card issuer.) and,
- first make a good faith effort to resolve the dispute with the
seller. No special procedures are required to do so.
If these conditions don't apply, you may want to consider filing
an action in small claims court.
Shopping Tips
Keep these tips in mind when looking for a credit or charge card.
- Shop around for the plan that best fits your needs.
- Make sure you understand a plan's terms before you accept the
card.
- Hold on to receipts to reconcile charges when your bill arrives.
- Protect your cards and account numbers to prevent unauthorized
use. Draw a line through blank spaces on charge slips so the amount
can't be changed. Tear up carbons.
- Keep a record - in a safe place separate from your cards - of
your account numbers, expiration dates and the phone numbers of
each issuer to report a loss quickly.
- Carry only the cards you think you'll use.
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