| Dear Consumer: Here Are the Answers to Your Credit Card Questions |
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Most consumers have similar questions regarding their credit cards, but they often go unanswered because credit card companies don’t want them to learn about the credit process. Read the following answers to the most commonly asked questions and take control of your credit.
Most consumers have similar questions regarding their credit cards, but they often go unanswered because credit card companies don’t want them to learn about the credit process. Read the following answers to the most commonly asked questions and take control of your credit. 1. My credit card agreement is too long, should I read the entire document or just skim through it? Dear Concerned Consumer, Credit card companies want you to just “skim” through your agreement, so they can have control over your credit card charges. It’s important to read the “entire” document and the fine print because important information is contained in that fine print section. Don’t let the credit card companies have control over your credit, so read it before you sign it. 2. I have two credit cards and they are almost maxed out. I’ve missed a couple of payments, so I want to know if this will affect my credit. Dear Worried Consumer, Your credit is basically the key that will allow you to receive the best credit and loan offers. Once you hurt your credit, you’ll have to work hard to repair it, and depending on the damage done to it, it may take several years. Your credit score is calculated as follows (1 being the most important): 1. Payment history 2. Accounts owed 3. Length of credit history 4. New credit 5. Types of credit used Missing your payments or just being late does hurt your credit score. 3. I recently closed one of my credit cards. The company was charging me very high interest rates and I couldn’t do anything to stop them. I was told that in certain states there are no “usury laws”. Is this true? Dear Distressed Consumer, This is true. There are certain states that have weak or no usury laws at all. This means that there is no limit on the interest rate that a credit card company or bank can charge you. According to a PBS documentary, some of the states in which there’s no cap on the interest rates that banks can charge you are: Delaware, Virginia, South Dakota and Utah. Some of the companies “strategically” located in these states are Citibank, American Express, Capital One, and Morgan Stanley (Discover). 4. I recently acquired a $20,000 credit card debt because my husband was laid-off and we went through a difficult financial time. We used my credit card as our “savior” because we couldn’t afford to pay for food, gas and other expenses with only one income (my paycheck). He already found a job, and we are getting back on our feet, but my credit card payments are too high, and I’ve missed a couple of them. I’m ready to get rid of my debt burden, but the high interests won’t let me reduce my total amount owed. My sister told me to look for a debt negotiation program. Can a debt negotiation help me? Dear Proactive Consumer, The answer is yes. A debt negotiation is for people like you that are trying to get back on their feet, but their credit card debts are too high to handle by themselves. A credit card debt can accumulate through time due to the high interest rates and penalties, so even if you want to pay it off, sometimes it’s very difficult because you only end up paying the interest rate charges and never reduce the total amount owed. A debt negotiation program such as My Debt Negotiation by U.S. Financial Management, allows you to negotiate and reduce the total amount owed on an unsecured debt.
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