In 2009, consumers in need of charge card help were blessed with the United States Credit Card Act. One of the conditions of the law is that charge card companies, in conjunction with the National Foundation for Credit Counseling, must have resources for consumers who have a hard time with their finances. In spite of this, credit-constrained customers simply are not using the resources, per NFCC states.
Credit card counseling hardly ever free anymore
Nonprofit help is hardly ever used by U.S. customers even though the NFCC and banks have access to it. NFCC spokeswoman Gail Cunningham explained that only 150,000 United States consumers that have had issues dealing with debt have accessed it. The contact number is toll-free and printed on charge card statements. As charge card debt still weighs heavily on the average, recession-weary American, the lack of initiative is troubling.
“I certainly think one of the reasons for the low response rate from consumers could be attributed to a lack of prominence,” said Cunningham. “Perhaps the number is buried somewhere.”
Within the recesses of public prejudice might be where that number is buried. Most consumers believes that their credit card corporations are evil and do whatever they can to take as much money as possible. They think that the “service” of a toll-free Credit Card Act number will cost them. However, Cunningham has observed that the number has been absent from some statements, which would be a violation of legislation.
Less charge card debt in 2010
U.S. customer charge card debt decreased an average of $7,404 per person, an 8 percent increase, from January to Dec., according to a Credit Karma report. There were eight states that showed as much as an 11 percent improvement. These states include Nevada, TN, Oklahoma, Indiana, CT, Colorado and California. There was a 31 percent improvement shown from 2009 to 2010 in Wisconsin making is the biggest in credit card debt change.
There was at least a 6 percent increase in charge card debt though in states for instance New Mexico, Delaware, Iowa, LA, Missouri and Nebraska. Mississippi was the biggest loser in the Credit Karma Survey, with 8 percent growth.
Looking for credit card help?
If you need information on non-profits, go to nfcc.org which is the National Foundation for Credit Counseling site. If you just make minimum monthly payments, you’ll still have a balance on your credit card debt. You can discover out what this balance is at the Federal Reserve’s site. For mobile, there’s a useful Android Market app called Personal Financial Calculator. You can also compare financial goods for instance installment loans’ APRs. Go to the Personal Money Network’s “Loan Overdraft Calculator” in the below connection.
Articles cited
Android Market
market.android.com/details?id=com.adworkz.pms.mobile.tools.calculators_2001.com
Bankrate
bankrate.com/financing/credit-cards/nfcc-credit-card-help-unused/
Federal Reserve
federalreserve.gov/creditcardcalculator/
Personal Money Store
tools.personalmoneystore.com/free-payday-loan-calculator/
National Foundation for Credit Counseling
nfcc.org/
Obama signed the Credit Card Act. Are you using its programs?
youtube.com/watch?v=OVFj2p8JeKo
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