Since credit cards are such a wide spread method of paying for things and the state of the economy has turned them into potential debt sources, it is only natural that there will be laws set up in order to protect the consumer.
Creditors are known for trying to get profit by any means possible and that sometimes includes taking advantage of regulations that put the customer at a disadvantage.
The Credit Card debt relief Act is the most recent measure designed by the government to try and contain the accumulation of credit card debt amongst the population.
There are already plenty of people that are struggling with debt of just barely managing to pay monthly minimums, so an attempt to minimize this situation in the future is quite welcome.
Even with all the debt relief methods in place at this point in time, it is best to avoid the accumulation of further debt, as no one knows what the future may hold.
With this new act, creditors are requires to set in place actual credit limits that will prevent clients from going over their limits, as opposed to not really having one ad being charge and extra fee for going over it.
Also, if in the past you would have had your interest increased for being even a couple days late, now the situation has changed and you have sixty days in which to pay your debt.
And if you are unlucky enough to not be able to meet your payments, you will be able to lower your interest to the initial value if you are able to meet your payments for the next six months.
As an added bonus you will even be able to reject pre-approved credit before it is activated, without it affecting your credit score at all.
With these and other measure, the credit act is a great way to support credit card users all over the country and ensure that debt will be kept under control.
Ultimately, all debt relief methods have been created in order to minimize the number of people filing for bankruptcy.