Consumer Credit

What is meant by customer credit?

When we refer to consumer credit, we are talking about the use of credit to finance transactions without having to pay the full amount of the merchandise at the time of checkout. The most common form of consumer credit is a credit card issued by a financial institution.
Merchants may also provide financing for products which they sell. Banks may directly finance purchases through loans and mortgages. This type of consumer credit is most often used for cars and homes and other large purchases. There are man credit fix secret to help you fix your credit.

The law of consumer credit is primarily embodied in federal and state statutory laws. These laws protect consumers and provide guidelines for the credit industry. There are many different laws that protect both the lender as well as the borrower when it comes to consumers obtaining credit.
States have passed various statutes regulating consumer credit. The Uniform Consumer Credit Code (http://www.law.cornell.edu/uniform/vol7.html#concc) has been adopted in eleven states and Guam. Its purpose is to protect consumers obtaining credit to finance their transactions, ensure that adequate credit is provided, and govern the credit industry in general.

Congress passed the Consumer Credit Protection Act in part to regulate the consumer credit industry. It requires creditors to disclose credit terms to consumers. The Consumer Credit Protection Act also protects consumers from loan sharks, restricts the garnishing of wages, and established the National Commission on Consumer Finance to investigate the consumer finance industry.

Credit help

credit counselling

Credit card companies and credit reporting agencies are also regulated by the Act. The Act also prohibits discrimination based on sex or marital status in the extending of credit. The Act also regulates certain debt collectors and provides for rules as to what they can and cannot do when attempting to collect a debt.

Let’s face it, we need to have credit. We may not need it for everyday things like groceries and toiletries, but if we want to own a car or a home, it’s necessary as not every consumer can pay cash for such high-ticket items making obtaining credit a must.

From credit counselling agencies to credit card companies and credit lenders, consumer credit is a multi-billion dollar industry. Because we do need lines of credit to get some important things in our lives, it’s a good thing that legislators realize that having consumer credit laws is needed so that abuse of the system doesn’t occur. Credit help can help with credit restoration.

The everyday consumer has at least one line of credit open, but the average in the United States shows that we have at least four to five lines of credit in some way, shape, or form. As a consumer, you must use your credit lines wisely and pay your instalments on time. If you don’t, you will find yourself with a bad credit rating and a bad credit report. Consumer credit can work for you or against you – it’s really all up to YOU!

Consumer Credit Counseling Services

credit debtDebt can get out of control quickly which is why there is an ever-growing need for consumer credit counselling services. These businesses specialize in helping people who are in debt over their heads and need help getting out of debt and back into financial stability. They are experts in helping people get out debt and get back on their feet using credit fix secrets.

How do you know if you need to find a consumer credit counselling service?

– Am I having trouble paying my bills each month?

– Am I constantly living paycheck to paycheck with nothing left over after my bills are paid?

– Do I get phone calls from debt collection agencies on a regular basis?

– Do I avoid answering those phone calls because I can’t pay the bills?

– Have I been unable to get credit for a car or home?

If you can answer “Yes” to any three of these questions, you probably should be seeking out the help of a consumer credit counselling service. All of the above questions are indicators that you might be in debt way over your head and you probably won’t be able to get out of trouble by yourself or repair your credit.

credit counselling services

There are so many consumer credit counselling services that it might be overwhelming trying to find one that will meet your needs. Here are some things you must demand from a consumer credit counselling service:

– Everything should be provided to you in writing as to services they will be providing you

– Your fee should be a percentage of the amount of money they save you when negotiating with your creditors – not a flat fee.

– You should be advised of your rights as a consumer and what you can expect from them

– Their debt re-payment plan should be tailored to your personal needs – not a “cookie cutter” approach that can be used by almost anyone

– You should have the right to cease doing business with them if you are not happy with their services

Consumer credit counselling services can be a great help when it comes to getting out of debt and staying out of debt. They will be able to help you devise not only a repayment plan for your creditors, but they will also be able to give you tools that will help keep you out of debt in the future as well.

Credit Repair Kit

There are hundreds of products on the market right now calling themselves the ultimate credit repair kit. They come in book form, computer software form, and even DVD/CD-ROM form. Actually, when it comes to credit repair, these kits can actually help people who are facing problems with their credit reports and credit scores.

Credit Repair Books

credit-repairOne great product we found is a book written by John Ventura called The Credit Fix Kit. It is available on Amazon for anywhere from $1 used to $15 new. This book has gotten rave reviews as the ultimate credit repair guide for anyone who needs to take steps toward a better credit rating. This book contains extensive information about the credit reporting bureaus, credit report basics, how to read your credit report, and how to correct credit problems. The information in The Credit repair secret Kit is very in-depth and is easy to read – perfect for the average everyday consumer wanting to repair their credit.

There are numerous e-books available on the Internet as well that can be considered credit repair kits. The best part about e-books is that they are downloaded directly to your computer and are available to buy any time of the day or night. They contain a lot of the same information as a paper book but offer a lot more convenience.

As we said, there are also credit repair kits that come in software programs that can be run on your computer. These programs offer tools that connect directly to the main credit reporting agencies and check your credit report for you along with tools to help keep you out of credit trouble once you have repaired your credit.

What should you look for in a credit repair kit? Here are a few topics you’ll want to look for:

– An explanation of how credit reporting agencies gather and evaluate the information on your credit report.

– How to read your credit report.

– How to find out what your credit score is.

– What to do if there are errors on your credit report.

– How to handle identity theft

– Ways to rebuild your credit and raise your credit score

– Tools to make long-term goals that will keep you out of credit problems once you have repaired your credit.

A credit repair kit is a great way for the average consumer to take steps on their own toward raising their credit and becoming financially solvent again. Using a credit repair kit can be one of the most important tools in your arsenal when you want to make your credit score go back to where it was before you got into trouble.

Consumer Credit Card Counseling Services

Dealing with credit debt

If you have found yourself overwhelmed by credit card debt, you might want to seek out the services of a consumer credit card counselling service. They actually are a part of consumer credit counselling services that are available to consumers all over the world. They can help with counselling services when it comes to your credit card debt as well as any other debt that can be affecting your credit report and your credit rating.

Credit Services

credit cardsThe most prominent credit service is Consumer Credit Counselling Service. They have locations all over the United States as well as in thirteen countries. You can find them online as well as in your local Yellow Pages. They have a proven reputation for helping people get out of credit card debt and back on their feet.

There are other consumer credit card counselling services available to Joe Public and they can most often be found on the Internet. Just do a Google search for consumer credit card counselling services and you will find many, many companies to choose from. You’ll need to be cautious, however, when picking a company blindly like this.

 

Take a moment to ask questions about their company. Check with the Better Business Bureau to see if there have been any complaints filed against them. If you think they are reputable and decide to use them to get out of credit card debt, make sure that all of their services are spelled out on paper and read the fine print.

A reputable consumer credit card counselling service will advise you of your rights as a consumer as well as a customer of theirs. They will outline up-front what services you can expect from them and have everything in writing so you will know that you are protected. Be sure you look for an “out clause” that allows you to cancel your contract if you are unhappy with their services.

You will pay a fee for their services, but it’s often quite a manageable fee. The consumer credit card counselling service will then call your creditors and negotiate repayment of the account. They can often get the credit card company to lower the amount due if the account will be paid in one lump sum. They also can often get your financing percentage rate lowered which can lower your monthly payment to them.

Consumer credit card counselling services provide a great option for people who have gotten themselves in over their heads with credit card debt. Proceed carefully and be a smart consumer. You will soon find that you can enjoy a debt free life!