New Restrictions on American Credit Card Companies - Do They Affect Me?

Sept. 10, 2010 - PRLog -- The federal government is bringing and implementing new restrictions on American credit card companies because they are exploited by their consumers due their excessive greedy behavior for more and more money making.

These companies not only affected their consumers but, also the financial system because they created intense threats of increased consumer default rate from recently rescued financial system.

In the bad economic situation, these companies, instead of providing some relief to their consumers, started to charge them with pilling rate of interest and made their loan amount almost double.

They do not have any sympathy towards their consumers and they simply want to recover their money because their excessive greed has made them blind. Now, these companies are strictly restricted by new laws and legislation and cannot exploit their consumer or deceive them anymore.

If they do so, then they may have to face court hearings and foreclosure of business too due to violation of law. That's why you must become aware about the new laws that how they affect you to take their advantages and compel your credit card company to stay on the right track.

These companies were charging their consumers with pilling rates of interest irrespective of the fact that their consumers were paying the dues regularly. That's why the loan amount of these consumers was increasing, instead of decreasing but, now they cannot do it any longer because the law has strictly forbidden them to do so.

They cannot increase or charge their consumers with escalating interest rates any more. If their consumers are repaying the dues uninterruptedly for more than six months, then these companies also cannot reschedule their schedule of interest and charges without informing their consumers 45 days before doing so and consumers have the right whether to accept or to reject such revisions.

There are also other restrictions which make bind these companies to deal with their consumers fairly and avoid any exploitation. You must educate yourself about these and upcoming changes in the law because they are in your greatest interest and will certainly help to pull you out from the vicious pool of debt which is managed by your credit card issuers.

If you have over $10,000 in unsecured debt it may be a wise financial decision to consider a debt settlement. Due to the recession and overwhelming amount of people in debt, creditors are having no choice but to agree to debt settlement deals.

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