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Payment System vs. Credit Card Debt

Once the money you write on your credit card bill comes from your spending limits, it has all the potentials that can be used by a credit card company to advance the interest you’ll be paying out. However, if you don’t prioritize your money wisely,’ you give up all of your opportunities to pay off your credit balance, to lower your APR and to open better accounts through an interest rate structure.

The problem comes from the fact that you have only one tool at your disposal – a credit card – to get it done. You let your credit card company know – through an online bill payment system – that you’re serious about paying off your debt. You send them your information, send them your monthly invoicing schedule and call them when you can’t make the required payments. And, you get the message before anybody could tell you where you stand at and who is paying interest on your credit card bill.

In fact, according to, the average American consumer owes over $9,500 in credit card statements’not counting interest free periods and promissory notes. Over 90 percent of this’s debt comes from late payments and credit card interest – it’s the debt you don’t get out of!

If you have a credit card, another tool that can help you get it done. You can write a letter to the current reporting company, credit card company and banks that sell the same. Many of these credit reporting companies do not really follow the guidelines of the Federal Trade Commission’s (FTC’s) ‘Credit Reporting Agencies, which published a booklet on Credit Reporting Systems Management Strategies in 2002. The booklet is still available today from each of the 3 nationwide consumer reporting companies – Experian, Equifax, and TransUnion.’ If you’re still at least 18, these credit reporting agency’s have free trade advice, but they probably don’t post it on their website.

Send letters to the following:

DE’250, 300-710-8111

DE’250, 300-685-4042




These are national consumer reporting companies. Yet there’s no mention of federal laws protecting consumers’ rights.

For example, on the federal Fair Credit Reporting Act (FCRA), each credit reporting agency must post the address for ‘fraud prevention.’ By law, every federal agency must post its address for ‘fraud prevention’ to each of its customer reporting companies so they can help consumers avoid credit card fraud. If a credit reporting agency doesn’t post the address for fraud prevention, consumers can expect to be charged an amount that’s less than 1% of the credit amount on their report. The FTC’s letter says this isn’t a fee.

So, if reporting company doesn’t post a good information about you on your web site, go shopping for a credit card company that does and post your information! At the end of the year, everyone benefits! But why not send a letter, request a free copy of your credit report and/or message a bank about a bad credit or charge your bank if you have a bad credit?

These are just some of the ways you can protect yourself every year from paying any more interest than you currently can. Protect yourself with these resources:

1) If you get into trouble using your credit cards, talk to your lender and see if you can improve your credit situation. Many banks and financial institutions all have avenues to help you fix problems such as replacing your credit cards, and free information about them about at least one full Federal agency.

2) It’s not uncommon to get a new credit card in the mail or through your bank. Get your credit report and explain to your bank what’s on your credit report. Remember to keep your credit report when you use your credit card because that’s where most of information about you comes from.

3) Credit card companies and financial institutions have extra ways to help consumers, too. Many of them have consumer protection divisions ready to help you. Just write the following information out:

‘ You received your credit card today. This is a legal credit card. You are responsible for any money that is required in order to use that credit card. This is a legal requirement, and you are responsible for paying all interest incurred on that new card.

‘ After you pay the new bill and the first monthly balance, you correct the error on the report. You know the error is there for any chance of getting a credit card with a higher interest rate or one with less of what you owe, but you are not the one getting in the way of interest-due balances.