Different Rules Apply to Deferred Interest Payment Plans’ Final 2 Months
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Dear Credit Care,

I recently had an issue with my credit card service. Last December they offered interest-free for six months on anything purchased during the month of December. They required you to pay only the minimum during those months. I use this card for other things regularly, but always pay that balance plus the minimum required payment every month. After the fourth month, they started applying the whole payment toward my no-interest balance and started charging me interest on the balance not paid for my regular charges. I was told yesterday on the phone that this is the law that they have to do it that way. I need to know if this is true. Why at the end of the promotion would they do this and not during the six months. It sounded very suspicious to me. But I am not a lawyer and have a very hard time understanding the verbiage in the documents. Thank you for your time. 

– Debi

Dear Debi,

A 2009 federal law is in place that addresses how payments are applied to credit card accounts. The Credit Card Accountability, Responsibility and Disclosure Act requires that payment amounts in excess of the minimum amount due must be applied to the balance wit…………… continues on Fox Business

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Retailers, shoppers bristle at idea of added fees for using credit cards
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Credit Card Debt Jumps to Highest Level in Almost 5 Years, ConsolidatedCredit …
News from Albany Times Union:

Credit card debt is at the highest levels since 2007. ConsolidatedCredit.org warns consumers to watch their balances and their budgets to avoid hefty debt and interest charges. Howard Dvorkin, personal finance expert and author, gives advice to consumers to keep their spending in check.

Ft. Lauderdale, FL (PRWEB) July 19, 2012

As a result of a slowdown in job growth and a decline in consumer confidence, credit card debt reached its highest point since November 2007.

With more consumers turning to credit cards for purchases, revolving debt rose by $ 8 billion, increasing the total credit card debt to $ 870 billion, according to the Federal Reserve.

Howard Dvorkin, CPA and founder of ConsolidatedCredit.org warns consumers to reduce credit card spending as the recession is not over. “Faced with layoffs and high prices, consumers rely on credit cards to cover basic expenses,” says Dvorkin. “While the economy is slow, consumers need to make an effort to avoid credit card spending.”

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Steven Anderson: Sensible ways to limit debt coming out of college
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