Debt Consolidation Efforts Hindered by Vague Rules
July 6, 2010 – 1:50 amIf you own a credit card from Discover, American Express or Citi, the odds are good that their penalty practices can hurt your efforts at debt consolidation. A new survey by a credit-card tracking site reported that most major credit card companies still do a poor job of explaining to their customers the way they assess late fees and levy financial penalties. This is particularly disappointing because the federal governments Credit CARD Act, passed last year with great fanfare, was supposed to revamp these processes. The legislation was supposed to make the penalty structures of credit card companies easier for consumers to understand.
Late Fees, Debt Consolidation
During these challenging economic times, many consumers have had to turn to debt consolidation loans to get a handle on their outstanding revolving debt.