The Most Common Credit Card Debt Laws
Credit card debt is a common problem these days. With the falling economy many people are having problems paying off their credit cards. These same people would like to be credit card debt free.
Sometimes this is very hard to accomplish and you will want to know all of the credit card debt laws before you even are in debt. If you know these laws you will be able to pay off debts and keep your credit rating even.
If you learn some of the common Fair Debt Collection laws, you will have no trouble handling debt collectors if you fall into trouble. Even though you owe people money, you still have your human rights. Certain laws restrict these debt collectors. These laws have to be followed by the debt collectors, and knowing them will help you keep your head above the water.
Before you do anything else, make sure the debt collector identifies himself, who they are calling for, and why they are calling. They also have to give you a mini-Miranda statement the first time they call. This statement’s purpose is to let the person in debt know that the phone call is being used to collect a debt and information will be used as such. After all of this is established they will state exactly how much you owe. Many payment arrangements are lenient and will suit your needs.
Before they are even allowed to call you by way of phone, they have to send you out a letter which has the same mini Miranda printed and a brief explanation of how much you owe as well as why. You will have thirty days in which to make a response to this notice. You can do one of two things which are, dispute the debt or make arrangements for payment of the debt. You only have thirty days for disputing the debt but it has to be done in writing.
Credit card debt laws do state that not responding within the allowed thirty day period, you are not disputing the fact that you owe this debt and acknowledge you owe it. By ignoring the letters, phone calls will start to come in from which ever collection agency the original contract holder chooses to use.