PRLog - March 8, 2010 - AUSTELL, Ga. -- The banks have incurred heavy losses due to the current recession. They would like to make up for those losses. The major factors that have contributed to these losses are the mortgage defaults and the misuse of credit cards. The prices of the commodities are rising and the income of the people has reduced substantially. The banks in the near future are going to hike the rate of interest and the fees levied for credit cards. If you have multiple credit cards debts, it is high time that you avail business credit card debt consolidation. The banks and the credit card companies are now subject to the Credit Card Accountability Responsibility And Disclosure Act Of 2009.
Consolidate Business Debts
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According to this act the statement issued by the credit card company will reveal the duration of getting rid of the debt if you continue doing the minimum payments. The statement will also give information about the amount needed to be paid to get rid of the debt within 3 years. The transaction fees for spending beyond the limit can be got rid of. You can ask the bank to reject the transaction that can make you cross the upper credit limit of the credit card. If missing a payment penalizes you with a higher rate of interest, the new rate of interest is applicable on the new purchases and not the total balance.
The benefits of debt consolidation credit cards make it a popular financial instrument to get rid of debts. A good business debt consolidation company negotiates with the lenders or creditor to reduce the overall debt and the penalties linked to late monthly payment. This leads to total debt reduction. The monthly payment is reduced and consequently the applicable rate of interest is also reduced. The reduction in the monthly payment gives the debtor a chance to be regular at doing the monthly payments and thus improve the credit score.
LoansStore is one such credit card debt consolidation company that leads to drastic fall in the monthly payment and the overall debt. LoansStore assures maximum reduction in the total debt. When it is the case of a business identity this company does not hesitate in offering business credit card debt consolidation.
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All types of debt consolidation help with consumer credit counseling get rid of your debt. Best business debt consolidation loans with low interest rates. LoansStore also provides non profit credit counseling services.