When consumers begin to struggle under significant credit card debt, they often feel powerless against the credit card companies. However, there are certain laws that specifically limit certain actions by credit card companies and impose specific duties. One of the primary laws that protect users of credit cards is the Credit CARD (Card Accountability Responsibility and Disclosure) Act that was passed in 2009. All of the provisions contained in the Act are now in effect.
Persisting financial struggles can be one of the most difficult things an individual experiences. Credit card debt is very common, with many people carrying high average balances on a monthly basis. While some people are able to manage their debts, making minimum payments or more each month, others start to fall behind due to unforeseen circumstances like job loss, serious medical conditions, etc.
Many people assume that only people with low incomes struggle with financial problems. However, the truth and reality is that anyone can find himself in financial trouble if something unexpected occurs or if he lives above his means. The availability of credit cards have increased the risk of ballooning debt that becomes unmanageable because it gives people access to money at nearly all times. Due to the ease of obtaining credit cards, many people use them to finance a range of things, including businesses, which can lead to some significant levels of credit card debt.