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Debtors have rights and options when it comes to credit card debt

Many people in Lisle have had to depend on a credit card for one reason or another. Perhaps they had an unexpected car repair, a medical bill or maybe they've experienced a decline in income or even a job loss, meaning they had to pay for their everyday expenses with a credit card. Whatever the cause, what most can attest to, is that credit card debt can be burdensome or even overwhelming. However, people who are facing credit card debt still have rights and options under the law.

For example, one option that may help debtors pay down credit card debt is to transfer the debt from one financial institution to a different financial institution. Oftentimes this is done to lower the interest rate on the debt. Also, creditors usually must let the debtor know in writing in advance if they are going to change the debtor's interest rate. Moreover, except for zero percent temporary interest rates or when a debtor is 60 or more days behind on the amount due, a new interest rate cannot be made retroactive.

In addition, there are laws that debt collectors must abide by. Debt collectors are not allowed to harass debtors to pay back the debt, threaten them if the debtor cannot pay back the debt or use inappropriate language in an attempt to collect on the debt. They also cannot lie, for example, by saying they are a government employee or a lawyer.

As this shows, those with credit card debts have both options for managing their debt and protections against unethical behaviors by debt collectors. However, they may still want to speak to a bankruptcy attorney. By doing so, they can explore whether filing for bankruptcy is a viable option for wiping out their credit card debt and starting anew.

Source: Nasdaq, "5 (Mostly) Reassuring Facts About Your Credit Card Debt," May 12, 2017

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