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Nearly one decade ago, a new law came into play called the Credit Card Accountability Responsibility and Disclosure Act. It served to protect credit card holders from various unscrupulous tactics that had become almost commonplace practices by credit card companies.

There are numerous protections issued by the act, largely centered around interest rate increases, disclosures and the handling of, and penalization for, late payments.

For instance, were you aware that you are protected by the CARD Act against the card issuer raising your APR within the first year of your account on any existing balance made during that time? There are a few caveats, however:

  • If the bank was forthcoming on the increase in APR after a duration of time under one year and this disclosure was made before or when you were issued the card.
  • If you fail to make your minimum payments within 60 days.
  • If you don’t follow the arrangement the creditor made in good faith to help you with making your payments, even when you are struggling to do so financially.
  • If indexes require a rate increase and it is beyond the control of the credit issuer.

With these and other protections in place against creditors, if you feel actions presented against you are unconscionable, you may benefit from speaking with a debt relief attorney. These protections, when disregarded, can cause courts to penalize creditors and may provide you with the relief you so desperately need.