Archive for category Credit Cards

Credit Card Debts Fall

Credit card debts happen to be huge problems that consumers worry about and if you are one of these consumers, you are probably trying to get rid of your debts right now.

Recent consumer credit reports have shown that revolving credit has already fallen by 18.5%, the majority of which is made up of credit card debts that fell by 13.7 billion dollars.

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Why Credit Card Companies Keep Raising Their Interest Rates

Are you unhappy with the interest rate of your credit card? If so, be patient – or so the Better Business Bureau says.

Credit card holders have been voicing concern about these high rates over the World Wide Web for months now, making several companies take notice and make drastic changes by raising their rates even more.

This might not make sense at first glance but it seems that these companies are preparing for the brand new federal regulations regarding credit cards which will come into effect next month, among which are fee limits and interest rate restrictions.

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Top Tips on How to Save Money on Your Credit Card Bills

Americans owe lots of money to companies of credit cards. To a lot of people, these owed amounts look incredibly large, most of all when credit card companies add penalties and fees and raise their rates of interest. Before giving up and declaring bankruptcy, however, you should know that it is possible to negotiate with these companies to settle your debts for much less than what is actually owed – and it is legal.

First and foremost, you need to know that debt negotiation; isn’t a fast solution. It could take years of repeated haggling before getting rid of a lot of your debt. The negative consequence to this would be your lower credit score (not paying original amounts in full will do this, no matter what). Still, this would be better than bankruptcy – don’t you think?

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Lawyer Threatens Bank of America with a Lawsuit

A lawyer from California, Ben Pavone, has refused to pay off his debt to Bank of America until they agree to lower his rate of interest. He even threatened them with a lawsuit, if they choose to destroy his credit for not paying off the debt.

It turns out that this particular attorney is upset because his rate of interest has gone up to 28% and his credit limit has gone down. He knows that penalties are coming his way. When Pavone asked the Bank of America for a credit limit raise in October, his request did not just get declined, but was even lowered by several thousand dollars due to “economic trends”.

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