Credit card contracts and statements can be tricky. Many consumers feel that credit card companies take advantage of their business and entrap cardholders into paying fees and higher interest rates than they originally expected. Fortunately, Congress stepped up in 2009 to help rectify this grave problem with the credit card industry. They passed a law known as the Credit CARD Act of 2009, which provides a new level of protection to cardholders against deceitful business practices. The Greenway Law Firm would like to inform you of some of the new protections included in this law.
Under the Credit CARD Act, credit card companies must now be much more transparent with their business practices. They must also provide cardholders with more information on billing statements and notify consumers well in advance of any changes made to their contracts. Some of the new protections that could have a great impact on cardholders include:
The Credit CARD Act includes many additional protections not listed here that are designed to help consumers avoid excessive debt and penalties. Unfortunately, many people were trapped by credit card debt long before this act went into effect and are facing the possibility of bankruptcy. While no one wants to have to file for bankruptcy, it can be a useful tool to restart your finances and work towards a more secure financial future.
If you or someone you love is burdened with credit card debt and is considering bankruptcy, don’t hesitate to contact the Birmingham bankruptcy lawyers of [firm-name] today at [phone-number].