Thursday, April 10, 2008

Credit Reports

Living here in America is way different from the country where i grew up. Especially when we talk about the money matter. It is indeed way different style of living here, because in the country where i grew up we don't have so many bank accounts and credit cards unless you are a businessman or businesswoman or you belong to a middle class type of family, you can have the luxury on that. But here, almost all the ordinary people like me has multiple bank accounts and credit cards. It is because they matter your credit score here when you purchase something that you wanted to have like for example buying a house, buying a car and even small things that you like to purchase at the store.

Anyway, i am talking about this matter because most American residents would like to have credit card opt out and i can relate to that because my husband is been trying to keep his good record of his credit report so he won't encounter such things like this. Many of you might experienced to this kind of problem, the credit card company you are having is charging you more than you expected. Then you better read this article that i found for you to realize whether you have good credit card company or not. There's no harm in looking for best idea about this credit card matter though, we all must be wise in choosing things especially when money gets involved.

Press Release:

Default On Credit Card – Can You Opt Out?

Penalty interest rates or default charges are a nightmare of every cardholder, since you will have to pay twice or thrice as high as your current interest and can be subject to universal default practiced by some banks.
Penalty fees are considered to be one of the major sources of the banks’ profit, so the outrageous charges sometimes result in many complaints on the part of the consumers. To help the latter, a number of legal regulations have been developed by the government, including Truth-in-Lending Act. This document is aimed at protecting the interests of credit card holders. It is especially interesting that it allows the consumer to make credit card opt out if the lender increases interest rates outrageously.
After your credit company informs you about APR increase, you have 45 days to decide whether you should go on using this plastic or cancel it to apple for a better credit card with lower interest and fees. In case you choose opting out, you will have to pay your outstanding balance at the initial rate or transfer your balance onto a new card. Those with bad credit history cannot do the latter, but everyone of us can just opt out the rates you consider to be too high and unfair.
Among the cases which allow you to opt out there are too high interest rate which is not connected with default on you card, expiration of grace period, etc.
Read more on this and other burning issues concerning credit and your credit scorecredit score matters at

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