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Credit Card Companies Are Out for Your Money
You're probably thinking "Tell me something I don't know" but in this time of low interest rates you might be thinking that you've got a great deal since credit card interest rates are low. Wrong. Credit card companies have a cutoff as to how...
Credit Card Processing on the Internet
So you have finally finished your e-commerce web site, hired the best web publisher, added all the bells and whistles, outstanding graphics, and great merchandise. Now, how does your prospective customer pay you for your products? Clearly, it is...
Credit Counseling Services: Some Things You Need To Know
If you are one of the millions of Americans who have tons of credit card debt you may be considering using a credit counseling service. In fact, if you're considering filing for bankruptcy, a new law will make it compulsory to work with one of these...
"I have a Bad Credit, but I have a Co-Signer with Good Credit. Can I Still Apply?
"Oops! You did it again! Didn't pay another bill? Has debt taken such a toll on your life that you cannot live in peace? Is your bad credit history affecting you so much that you can't even consider taking a loan? Well, it is common for loan lenders...
So you want to get free airline tickets: Should you get a travel reward or cash back credit card?
Travel or Cash Back Credit Cards? If you want to use a reward credit card for getting free airline tickets, you have a choice of choosing a dedicated airline credit card, a travel reward credit card or a cash back credit card. A dedicated...
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Credit Counseling – Congress Offers No Details in New Law
The recently passed Bankruptcy Abuse and Consumer Protection Act was hailed as a breakthrough in bankruptcy law. Passed with bipartisan support in Congress and signed enthusiastically by President Bush, the law creates sweeping changes in debt law and will make it much more difficult for debtors to have their obligations swept away by the courts. A major requirement of the new law will require that anyone considering filing for bankruptcy to first undergo credit counseling. The idea is sound; anyone with problem debt can probably benefit from some discussions about money management. There’s just one problem – Congress failed to include any details in the bill about what, exactly, constitutes credit counseling.
The credit counseling industry, which includes for-profit as well as nonprofit organizations, has been through some hard times lately. The Federal Trade Commission has been investigating some firms that have claimed to be nonprofit but were actually steering their clients into pricey debt consolidation plans run by for-profit affiliates. These high-profile cases have left a dark cloud hanging over the industry. With the new legislation set to take effect this October, many consumers have questions about the nature of the counseling requirements. Who will pay for it, and what sorts of fees are acceptable? The bill doesn’t say whether the debtors themselves or their creditors will pay the counseling fees or how much the service should cost. The law only states that the fees must be
“reasonable” and that the services should be available even if the debtor cannot afford to pay. The thought of being forced to provide counseling to customers who cannot pay has justifiably angered the counseling industry. Even nonprofit agencies have overhead and typically charge some sort of fee.
Who qualifies as a counselor? As “credit counselor” is a vague term with no real legal meaning, anyone might be able to place a sign on a building and call himself or herself a credit counselor. Is that what Congress had in mind? The US Trustee Program is in charge of making all of these determinations, and the department is said to be compiling a list of “approved” agencies. Presumably, the Trustees will also be examining these other issues and providing guidelines before the law takes effect. In the meantime, both debtors and counselors are concerned as thousands of Americans will be seeking advice for their debt problems come October. By then, with a little luck, consumers with problem debt will have some way of knowing whom they should call before filing for bankruptcy.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity lending .
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