Schwam-Wilcox & Associates, Attorneys and Counselors at Law
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Credit Consumer Protection Act

Ever wonder what protections you have under the Credit Consumer Protection Act (CCPA)? The CCPA was designed to make sure that consumers are aware of the "cost of credit" by making it mandatory that creditors disclose the cost. One major result of the CCPA is the Fair Credit Billing Act (FCBA) which requires creditors to give consumers "meaningful periodic disclosures of the consumer's payment obligation and also to explain the procedures consumers can use to resolve a dispute concerning a billing error." As a result, you don't have to worry about being ripped off by creditors and paying more than you owe. The creditors are now required to put a breakdown on their bills (credit card bills) as to if you pay the minimum due, how long it will take you to pay off the pending debt and at the end how much you will have paid, and they will give you the same information for a three (3) year payoff. The credit card bill will tell you how much you have to pay monthly in order to pay off your outstanding debt within three (3) years, and how much you would have paid in that three (3) years.

Sometimes this information is helpful to let the consumer know that there is a financial light at the end of the tunnel, and other times it lets the consumer know that there is no way that they can get this debt under control, and the consumer must look at other options. Here at Camy B. Schwam-Wilcox, P.A, we can discuss with you, what your options are and you can choose which one is best for you, be it credit negotiations, chapter 7 bankruptcy, chapter 13 bankruptcy, credit counseling or to just continue to pay. For more information you can contact Camy B. Schwam-Wilcox, P.A at office@cbswlaw.com or 407-245-7700

 

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