Most consumers have similar questions regarding their credit cards, but they
often go unanswered because credit card companies don’t want them to learn about
the credit process.  Read the following answers to the most commonly asked
questions and take control of your credit.
1. My credit card agreement is too long, should I read the entire document or
just skim through it?
Dear Concerned Consumer,
Credit card companies want you to just “skim” through your agreement, so they
can have control over your credit card charges.  It’s important to read the
“entire” document and the fine print because important information is contained
in that fine print section.  Don’t let the credit card companies have control
over your credit, so read it before you sign it.
2. I have two credit cards and they are almost maxed out.  I’ve missed a couple
of payments, so I want to know if this will affect my credit.
Dear Worried Consumer,
Your credit is basically the key that will allow you to receive the best credit
and loan offers.  Once you hurt your credit, you’ll have to work hard to repair
it, and depending on the damage done to it, it may take several years.  Your
credit score is calculated as follows (1 being the most important):
1. Payment history
2. Accounts owed
3. Length of credit history
4.. New credit
5. Types of credit used
Missing your payments or just being late does hurt your credit score.
3. I recently closed one of my credit cards.  The company was charging me very
high interest rates and I couldn’t do anything to stop them.  I was told that in
certain states there are no “usury laws”.  Is this true?
Dear Distressed Consumer,
This is true.  There are certain states that have weak or no usury laws at all. 
This means that there is no limit on the interest rate that a credit card
company or bank can charge you.  Some of the states in which there’s no cap on
the interest rates that banks can charge you are: Delaware, Virginia, South
Dakota and Utah.  Some of the companies “strategically” located in these states
are Citibank, American Express, Capital One, and Morgan Stanley (Discover).
4. I recently acquired a $20,000 credit card debt because my husband was
laid-off and we went through a difficult financial time.  We used my credit card
as our “savior” because we couldn’t afford to pay for food, gas and other
expenses with only one income (my paycheck).  He already found a job, and we are
getting back on our feet, but my credit card payments are too high, and I’ve
missed a couple of them.  I’m ready to get rid of my debt burden, but the high
interests won’t let me reduce my total amount owed.  My sister told me to look
for a debt negotiation program.  Can a debt negotiation help me?   
 
Dear Proactive Consumer,
The answer is yes.  A debt negotiation is for people like you that are trying to
get back on their feet, but their credit card debts are too high to handle by
themselves.  A credit card debt can accumulate through time due to the high
interest rates and penalties, so even if you want to pay it off, sometimes it’s
very difficult because you only end up paying the interest rate charges and
never reduce the total amount owed. 
A debt negotiation program such as My Debt Negotiation by U.S. Financial
Management, allows you to negotiate and reduce the total amount owed.  This
program enables you to control the process, so you can finally be debt free. 
Call to receive a free, no obligation consultation at 1.800.738.5351, or visit
www.usfmgroup.com.

 
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