The CARD Act, which became law last year, was designed to protect the average consumer by limiting the fees and interest rates card issuers could charge while improving term disclosure. The final phase of the CARD act goes into effect this August, but credit card issuers are already geared up to get around the provisions and continue charging increasing credit card fees and high interest to consumers.
As Arizona’s premier bankruptcy relief firm, we here at The Zolman Law, are dedicated to revealing tricks the credit card companies play so that you can avoid the financial difficulties that lead to bankruptcy.
Charging fees
While the CARD act has made inactivity fees illegal and capped late fees at $25, there is still no law against them adding or raising other types of fees. Many cards have added or increased annual fees, with some charging as much as $99 a year to hold a credit card.
Other fees likely to get hiked are balance transfer fees, cash advance fees, and foreign exchange fees. And there’s plenty of room for your card issuer to invent a new fee to charge you.
So when you get a letter from your card issuer, don’t assume it’s junk mail. Make sure you read everything they send you and be ready to respond when they up or add to your fees.
At The Zolman Law, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.