Credit Card Debt Elimination Laws What Credit Card Companies Don't Want You to Know!

Learn how to take advantage of the new credit card debt elimination laws. Learn your debtor rights and how to get online credit card debt assistance.

Today many consumers find themselves overwhelmed with debts and they look for various methods of elimination, never pausing to learn their debtor rights that needs to be followed.

If you're looking for assistance, knowing the credit card laws is essential. Here is a closer look at some of the laws, and more.

Credit Card Debt Elimination Laws

Dangers of Credit Cards

First of all, before looking at credit card debt elimination, it's important to look at the dangers of bank card debts. One danger of this is that you are left owing money to someone else and that can take an emotional toll.

You may be losing sleep, worrying about how to pay the money back, and those harassing collection calls can be frustrating. Credit card debt also affects your fico report, meaning that you will have a harder time getting a loan when you need it. Another danger is that it can affect your employment.

Many employers now check into your financial background when hiring, and bills that are behind can negatively affect your chance of landing that job.

Understanding Debtor Rights

If you have a lot of bills, it's time to learn more about credit card debt elimination laws. Sure, you want to begin eliminating those debts, but you must know your debtor rights before you get started.

There are laws out there that are designed to help you and knowing these rights can help you to find the best solution to eliminating those debts.

First of all, you'll find that there are many laws that are specific to individual states. This includes the debt statute of limitation. The length of time you have for the statute of limitations on debt is going to vary, depending on the state you are in. Check with your state to find out about the laws they have governing these issues.

You should familiarize yourself with the Federal Fair Debt Collection Practices Act as well. This law helps to keep you from lending practices that are unfair. It includes laws about creditors contacting you and how they work to collect their money.

Check out the Credit Card Reform Act as well. This has provisions about raising interest rates on credit lines that are existing, extending some notice if this occurs, and companies contacting any customers younger than 21.

Beware of Companies Offering Questionable Methods

It is important that you are careful when selecting a company to help you to eliminate your debts. There are many companies out there that use questionable methods of debt elimination, telling you that you can legally get rid of debt.

Know the credit card debt elimination laws and steer clear of companies that have practices that sound less than legitimate to you.

You can visit the Better Business Bureau's website www.BBB.org and find reports on hundreds of Debt Elimination Companies.

Getting Assistance Through Novation

Of course, if you need credit card debt assistance, there are methods you can use to eliminate your debts. One option available is known as Novation, which a term that is used within contract law.

You'll find that this is perfectly acceptable according to credit card debt elimination laws. Novation includes working with creditors to negotiate your debts, changing your contract.

Of course, this has to include each party agreeing to the changes that are made in the contract. In many cases you will be able to reduce payments, interest, or the total amount.

Chapter 7 Bankruptcy - A Legal Way to Eliminate Debt

In the end, a look at credit card debt elimination laws will let you know that really the only way that you can totally and legally eliminate your debts is to go with Chapter 7 bankruptcy.

Most consumer debts can be eliminated in this way. Other options, such as credit counseling, chapter 13 bankruptcy, and consolidation can help you to reduce bills, but they will not totally eliminate your responsibility for the debts.

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