Stopping Credit Card Company Abuse

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Self credit repair - Do it on your own
Self credit repair is basically the only way you can repair your bad credit. No one can do it for you, although they can give you advice. You have to really sit down and take a good look at your credit repair and then decide for yourself how you want to go about tackling the problem. Self credit repair is not that difficult to do, but you do have to make a conscientious effort. Self credit repair ... Read debt consolidation article



Home equity line of credit or HELOC
Believe it or not, many people do not understand equity and the power it provides. In its purest form, equity is money. With regard to real estate (specifically, your house or other investment property), equity is measured in terms of the value of the property minus what you owe. So, if your home is valued at $100,000, and you owe $40,000 on it, you have $60,000 in equity (actual money ... Read debt consolidation article



Stopping Credit Card Company Abuse
Consumer complaints about credit card abuse continues to increase despite clearly defined federal regulations meant to stop abuse. By knowing and understanding your rights, you can stop abuse. Let's examine four common methods of credit card company abuse and what you can do to stop the victimizing.

1. My creditor is charging me for items I did not purchase. Examine your bill every month to make sure that what you are being charged is what you ordered. If there is something listed that does not belong to you, notify the credit card company in writing about the disputed item. Federal law requires you do this within sixty days of receiving your bill. You must do this in writing as your rights will not be protected if you call in your complaint. Credit card companies have two billing cycles or 90 days to correct the problem.

2. My creditor regularly charges me late fees. You know that you always mail your credit payments in on time, but you just got hit with a late fee. If you are a customer in good standing, write a complaint to the credit card company and tell them you want the charge reversed. If this was a one time occurrence, your creditor will likely reverse the charge promptly. If you regularly get hit with late fees, make sure your payment is always mailed in well in advance of the date that it is due. Shady credit card companies will move up the day that your payment is due without your being aware of it. Always open your bill immediately and plan on making payments as soon as possible.

3. I was late with a mortgage payment and now my credit card company is raising their rates. Yes, as unbelievable as it sounds, some credit card companies have a provision in their contract that lists a Universal default charge. What this means is this: if you are late paying back a separate creditor, your credit card company can raise their rates. In other words, you have now become less creditworthy in their eyes and your rate has doubled or tripled! The only way to combat this problem is to pay off your credit cards in full every month.

4. I am paying for credit insurance. What is that for? Supposedly, credit insurance helps out in the event you are disabled or lose your job. If you signed up for this plan a fee equivalent to your outstanding balance is charged every month. At 1% the amount of insurance you can be charged for $5000 debt is $50 for one month. Oh, by the way, read the fine print to learn how difficult it is to actually collect this insurance!

To overcome abuse, you must take charge of the situation and respond in the proper manner. Good credit card companies correct their errors while abusers continue this practice. In the end, it may be time for you to sever your relationship with them.

Frank Liz; (c)2005; All Rights Reserved.

Frank Liz is the founder and president of http://www.AmericanNoDebt.com. His goal is to help people preserve and control what they have and what they make in the future, but of course it is his nature since he was born in poverty to teach people to make money. "Learn the secrets that most people will never know about getting out of debt fast and building your life savings." Click here to learn how easy it is.

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Debt Counseling - Sound Advice

Debt counseling comes in many forms and from many sources. There are some fly-by-nights and shysters out there, as well as some firms who are genuinely committed to helping consumers to educate themselves about debt, debt repayment and the wise use of credit.

National Foundation for Credit Counseling has a good reputation for giving good counseling and good advice. Find them at nfcc.org. They offer both local agencies and online agencies to help you understand and solve your credit issues with debt counseling. NFCC also offers debt advice through Debtadvice.com. They offer money management education along with their analysis of your personal debt situation. The fees are reasonable and they provide a chart on their site showing what you will pay for their services.

Consumer Credit Counseling Services is another agency with a national reputation for helping consumers work out their debts through debt counseling. They are at cccsintl.org. They offer education on the use of credit, understanding your credit report and budgeting. Check their link on "Know Your Rights" to learn more about your rights regarding your debts, your credit and your accounts.

Beware of the web sites whose first page asks you to fill out a form listing all of your debts and account numbers before you learn anything about the services they offer. These may not be your best choices. Does the site give a phone number for you to call? If not, think twice about using them.

Debt counseling is not offered by Debtors Anonymous, but they do offer self-help groups where you can learn about how others have gotten out of debt, usually without bankruptcy, and learned new spending habits. They say no one can help a debtor like another debtor. Based on the principles of Alcoholics Anonymous, this is one of your best sources of improved use of credit. Members may also be able to say what their experiences were with local and online debt counseling organizations. Find a meeting near you at www.debtorsanonymous.org.

Congratulations on your commitment to finding good debt counseling. It will require some work and you will have to change your spending habits, but the results will be well worth the effort.

Janet Mettarod freed herself from debt-related stress, bought her first home, and is helping her children through college. She says that with a little discipline anyone can do what she did. You can read more articles about being debt free at Debt Free Site


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Stopping Credit Card Company Abuse
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