Credit,Card,Debt,Tips,Opt,Out, finance, share, loan Credit Card Debt Tips - Opt Out of Your Card Rate Increase t
If your financial problems have reached the point where you do not see a way out and you feel as though you are drowning in debt, your best way out is through declaring bankruptcy. Filing may well allow you to get your finances back on track Thankfully, there are now several web sites that are there to help people like you with bad credit to find the fast personal loans that you need. When you have bad credit, the first thing that you should be looking for is a loan company that
The latest law passed to reform the credit card industry has enabled individuals to have a say in the interest rates charged on their account. Earlier, credit card issuers had a blanket approval from card holders as far as variation in terms and conditions was concerned. The card issuer could increase the interest rate without any reason or justification. Credit card rates never went down. Rather, it kept on rising.The latest change in the law puts the borrowers at an equal footing. If you are not happy with the rate increase, you have the option of opting out of the account. This means that your credit card accounts shall lapse and you shall no longer enjoy the right to use the credit card. If you opt out, the interest rates shall freeze. The interest rate charged on your account shall continue to remain the same until you repay the debts in full. The issuer cannot increase the interest rate once you have opted out of the account.The only point that you should keep in mind here is that your card issuer has the right to double your minimum payment or insist that you repay the entire balance within the next five years. If you can afford to pay double the existing minimum payment or if the current outstanding is such that it shall be automatically repaid within the next five years, then you can opt out of the rate increase and choose another credit card.This option is a useful tool in the hands of borrower. The option is the result of the growing realization that the credit card industry has taken borrowers for granted for too long. The stimulus package bailed out the credit card issuers but has started imposing additional rules and regulations. This is the simplest but most effective change that has been implemented.You should keep yourself updated about the various happenings in the card industry. The next time your issuer increases interest rates arbitrarily, you should keep in mind that you have the right to reject the increase and repay the debt owed as per existing interest rates. If you are over $10,000 in unsecured debt it would be wise to utilize a debt relief network instead of going directly to a debt settlement company. Using a debt relief network guarantees that the debt settlement company you choose has been certified and has established success in negotiating settlements. They are free to use and a good starting point to begin your debt relief process.Debt Relief Network. Article Tags: Credit Card, Rate Increase, Card Industry, Interest Rates, Interest Rate, Should Keep, Debt Relief, Relief Network
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