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.
Cutting your credit limit or closing your account
Banks may not be able to hike your interest rate without warning or charge outrageous fees anymore. But if they suspect you’ve become a bad credit risk, there’s nothing to stop them from cutting your credit limit or closing your account altogether. And they don’t have to give you any warning.
That can be devastating to folks who only have one credit card and need it for a flexible line of credit. It can also look very bad on your credit report.
With banks aggressively reviewing consumer accounts, the best thing you can do is use your credit responsibly; charge something on each of your cards on a regular basis and pay off the balance in full each month.  And be sure not to flirt with your credit limit, because once you do start paying your balance down, the card issuer might cut your credit line back along with it so you don’t get stretched too thin again.
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.