Consumers in need of charge card help, concentrate

In 2009, Obama signed the Credit Card Act into legislation. Part of the legislation is that credit card issuers and the National Foundation for Credit Counseling must work together to provide free credit counseling to delinquent customers. In spite of this, credit-constrained customers simply are not using the resources, per NFCC states.

Getting charge card counseling for free unlikely now

NFCC spokeswoman Gail Cunningham reports that banks and NFCC have access to nonprofit help that only 150,000 United States consumers having debt issues have really used. Credit card statements have the contact number on it and it is toll-free. 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 may be where that number is buried. Several consumers think that the toll-free Credit Card Act number is just a “service” that the charge card company has put together so they can get even more money from them. Cunningham states that the number has not even been put on some statements. This is now illegal though.

2010 when charge card debt went down

United States 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. As much as an 11 percent improvement was shown in eight states including Connecticut, Indiana, Oklahoma, Tennessee, Nevada, California and Colorado. There was a 31 percent improvement shown from 2009 to 2010 in Wisconsin making is the biggest in charge card debt change.

There was at least a 6 percent increase in charge card debt though in states such as New Mexico, Delaware, Iowa, LA, Missouri and Nebraska. Mississippi was the biggest loser in the Credit Karma Survey, with 8 percent growth.

Want help with charge card debt?

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 will still have a balance on your credit card debt. You are able to find out what this balance is at the Federal Reserve’s website. The Personal Financial Calculator is accessible at the Android Market if you would like to put it on your phone. Go to Personal Money Network’s “Loan Overdraft Calculator” connected below if you would like to compare APRs on personal financing and other financial goods.

Citations

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