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Debt relief secrets – how to legally write off credit card debt
Did you all hear about the new law which basically gives all of us a means to have loans and credit card debt written off as long as this debt was incurred before April 2007?
The consumer credit Act of 1974 was amended and states that any loan or credit card agreement must clearly document the details of the loan or credit given. This would include the interest rate, the amount of time you would have to pay off the debt, the monthly amount which needs to be paid and other similar details. Learning how to write off credit card debt on your own is as difficult as it sounds, but there are agencies available which can help you decide if consolidating your debt or eliminating it would be in your best interest. By having a free consultation with such an agency, you could determine which method would be the best to use in order for you to avoid bankruptcy or any other kind of financial difficulty. (See links below for my top 3 recommendations)
A financial professional can help you determine if your contracts contain all the necessary terminology and information which is needed per the consumer credit act of 1974. But not to worry: even if all is up to par with your contract, you still may be able to do something to get control of your finances once again. Wanting to know how to write off credit card debt is the best information one could learn especially because of how the economy seems to be hurting all of us.
There have been a number of documented cases of people successfully challenging their loans or credit card companies and winning because the contracts did not have all the necessary terminology. And if the debt was sold off to another creditor or lender, many times the new creditor was not aware that the purchased debt was lacking this information.
Even though the banks and creditors don't want us to know that we are able to write off credit card debt or at the very least consolidate our debt, learning this information is currently the best way to handle financial problems especially with how the economy seems to be going.
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