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Question of the Month

Question of the Month is yet another effort by the debtcc team to enhance the community knowledge bank. It’s a monthly contest and every month a challenging question will be thrown before the members for responses. The best answer will be chosen collectively at the end of the month by the debtcc members and the admin panel of the site. The winner of this contest will receive a handsome reward of a $50. The purpose behind this idea is to encourage the members to share their real life experiences in dealing with the financial challenges. Though different financial issues are being discussed across the debtcc board, but it doesn’t leave much scope to the members to share their personal experiences. Here is the place where it can be done, and also that the new members can get the innovative ideas to deal with their debts along with the conventional ones.

Latest Question



Question 18: How would you benefit from the Credit Card Act?

Since the President has signed the Credit Card bill into law to help the distressed American consumers, there have been a lot of discussions going on about the effects of these changes on American economy. But we are interested to know how you think you could benefit from it. Come and share with us how you feel this law is going to help you.

Winner Post

Trophy iconAnswer 1: I was very glad to finally see the government putting some pressure on the credit card companies.
However, I recently received a letter from my credit card company that as of May 1, 2010 they will be raising my interest rate to 23.99%. If I do not want to pay the higher percentage, I can close the account and pay it off at a much lower interest rate.
It saddens me that the credit card companies have apparently found a way around the new restrictions on them, but in essence they have done me a favor.
I chose not to pay the higher interest rate and have entered into an agreement with them to pay off the card. Getting rid of the credit card will help me financially and if I dont have cash for something, I will just learn to do without.
The new credit card law has helped me in an indirect way-and Im greatful to be lowering my debt.

Answer Posted by | Karen Kopec

The other answers worth mentioning are:

Answer 2: The Credit Card Act will protect consumers in several ways. However, I have read our own Government,, the people who voted for this important reform, are delaying implemantation for 6 months! Creit Card company Lobbyists must be very powerful!
Whenever the new law takes effect, it will force credit card companies to stop their unfair rate increases and deceptive fees. Agreements will also have to be written in plain language the consumer can understand.
Your credit card company will be required to provide at least 21 days from the time they mail the bill until the due date. They will no longer be allowed to make the due date on a weekend, a time when payments are not processed. This has been a deceptive practice causing huge numbers of card holders to pay late fees. Due dates also cant include middle of the day deadlines. Your credit card company will not be able to change the due date every month either.
Another very important part of the new law will protect you from "Over your limit" fees. Credit card companies will not be allowed to approve a transaction that puts you over your limit unless you opt in to allow them to do it. This will protect you from those surprise fees on your statement when you had no idea you went over your limit.
These are the major protections. In addition, if your rate was raised because of a slow pay or missed payment some time ago, but your payments have been on time since, you also have the right to request a rate reduction. With laws to back you up, you might be surprised by how readily they say yes!

Answer Posted by | Margo Gallinoto

Answer 3: credit card act is for people like us. if someone gets your identity and opens an account or charges on your accout, this will protect you from being responsible for there charges that are not yours. also note: please people dont leave reciepts at atm or throw in trash thats how it starts. ok. i shred mine and i still got hit. and not once but 3 times.

Answer Posted by | sherry mastromarino

Answer 4: I am not at all sure how I benefit from the cc bill. I guess some things like not changing the due dates are good. Most of what I know about it is from TV. For sure I will benefit from finding this site , probably more than any Obama bill. I have lost a lot but not enuff for a bailout! To Win you have to loose big

Answer Posted by | David LeComte

Answer 5: I became disabled back in 2005 due to an painful illness in the brain called aspergillus fungicides cavernous sinus thrombosis and almost died Im still sick to this day and Im not suppose to stress it could cause a seager. I had a very good job working for Kwan Henmi Architectural and Planning as a Project Coordinator and now Im on social security and it hard. I have three children and one grand baby.I would benefit very much with less stress on my brain.

Answer Posted by | rosalind Zarate

With proper help you can
  • Lower your monthly payments
  • Reduce credit card interest rates
  • Waive late fees
  • Reduce collection calls
  • Avoid bankruptcy
  • Have only one monthly payment
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