Credit Card Debt Laws That You Should Be Aware Of
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.
You should be familiar with a few of the Fair Debt Collection Laws in case you do happen to fall in trouble and have to start dealing with debt collectors. You do have rights even if you do owe a debt. Debt collectors have to follow certain laws. These have to be followed anytime an attempt to collect a debt is made.
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 even call you on the phone, they must send you a letter that has the mini Miranda printed on it and an explanation of what you owe and why. You will be given thirty days to respond to this notice. You can either write back and dispute the debt or you can call the company and make arrangements to pay the debt off. You will only have thirty days to dispute the debt and this must be done in writing.
If you fail to do so the law states that you acknowledge the debt and you are willing to work out a way to pay for it. Try not to ignore the letter unless you are willing to deal with phone calls from collection agency.
Tags: Debt Collection Laws, Economy, Fair Debt Collection Laws, Debts