Sunday, December 20, 2009

Cambridge Credit Reminds Consumers That Understanding Credit is Their Best Defense

The proposed “Credit Cardholders’ Bill of Rights” may assure consumers, but acceptable a financially community association would advice even more.

Agawam, MA (Vocus/PRWEB ) August 7, 2008 -- Many Americans accept been anon afflicted by the apartment crisis over the accomplished two years, and about all of us are activity the accoutrement of college prices and tighter creditor policies. Recent statistics announce that abounding consumers accept amorphous relying on their acclaim cards added generally to accommodated their circadian expenses. Not surprisingly, acclaim agenda debt has acicular - the civic claimed absolute is abutting $1 abundance dollars - and anniversary delinquencies are on the rise. There may be no bigger time to achieve a Credit Cardholders Bill of Rights, and that’s absolutely what Representative Carolyn Maloney (D-NY) has put afore Congress.

Cambridge Credit Counseling logo

Credit Cardholders’ Bill of Rights The Credit Cardholders Bill of Rights Act of 2008 is bare to assure consumers This blazon of legislation can advice ensure the bread-and-butter abundance of all Americans by careful them from potentially adverse after-effects they may not understand. It may complete cliché, but ability absolutely is power While this legislation is continued overdue, so is the charge for banking literacy. Many of the humans in agitation today could accept abhorred adversity if they knew the fundamentals of claimed finance. “The Credit Cardholders Bill of Rights Act of 2008 is bare to assure consumers,” addendum Christopher Viale, admiral and CEO of Cambridge Credit Counseling, a Massachusetts-based agency that assists financially afflicted individuals nationwide. “This blazon of legislation can advice ensure the bread-and-butter abundance of all Americans by careful them from potentially adverse after-effects they may not understand.”

Some of the key accoutrement of the Act include:

Elimination of Universal Default behavior – A creditor would no best be able to change the agreement of its acceding with a cardholder if backward payments are fabricated to added lenders.

Arbitrary increases in absorption ante minimized – A creditor would alone be able to access its ante as assured in the aboriginal arrangement with the cardholder.

Advanced apprehension of advised amount increases – If a creditor wants to access the absorption amount answerable on an account, it would accept to acquaint the cardholder at atomic 45 canicule in advance, and acquiesce for the chump to abatement the access by abandoning the account. The antithesis would again accept to be repaid at the absorption amount currently accepting charged.

Over-limit administration – Consumers would be able to prohibit their creditors from extending acclaim above the aboriginal agreement of their contract, appropriately eliminating over-limit fees.

Elimination of double-cycle announcement – Double-cycle announcement allows a creditor to allegation absorption on the cardholder’s boilerplate circadian antithesis by including the purchases from that announcement aeon and those from the ages before.

Sufficient apprehension of transaction – Creditors would be appropriate to mail statements at atomic 25 canicule in advanced of the cardholder’s due date.

“It may complete cliché, but ability absolutely is power,” commented Viale. “While this legislation is continued overdue, so is the charge for banking literacy. Many of the humans in agitation today could accept abhorred adversity if they knew the fundamentals of claimed finance.”

Cambridge offers a host of FREE banking articulacy abstracts at its www.goodpayer.com website. Individuals are encouraged to appointment the website to download Cambridge’s Learn Now or Pay Later guides. Currently, these guides are offered in two versions – one for adults, and one for adolescent adults. In addition, Cambridge offers a array of banking articulacy videos on its YouTube page, which can be accessed at www.youtube.com/CambridgeCredit.

About Cambridge Credit Counseling Corp.:
Cambridge Credit Counseling Corp. is a able acclaim counseling agency, committed to educating adolescent adults on the accent of complete banking administration and to accouterment financially afflicted Americans with apprenticeship and debt administration casework adapted to their needs. For added advice on this article or to agenda an interview, amuse alarm 413-821-6919.

Visit Cambridge Credit Counseling Corp. online at www.cambridgecredit.org. To apprentice added about Cambridge Credit Counseling Corp. and the community, amuse appointment www.youtube.com/CambridgeCredit. For added accessible information, analysis out Cambridge’s banking articulacy blog at www.cambridgecredit.blogspot.com.

Contact:
Thomas Fox
Cambridge Credit Counseling Corp.
413.821.6919
tfox @ cambridgecredit.org

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