Credit Card Debt Arbitration
Surprises abound when exploring credit card debt arbitration and they are not always pleasant ones. An inquiry into these matters can be both instructive and sobering. In fact, the deeper one's investigation proceeds, the less one is inclined to follow the course of credit card arbitration. At times, the process seems to contradict the very concepts inherent in arbitration. Rather than meeting on an equal footing with a neutral facilitator intent on finding the best solution for both debtor and creditor, a person may soon begin to realize that he or she is instead rowing against hostile currents above a raging waterfall. Far from finding an equitable solution via credit card arbitration, a customer is reduced to hoping to avoid being swept over the falls in a maelstrom of legal proceedings and further indebtedness.
Arbitration may be ordered by a court or entered into voluntarily. Sometimes it may seem that a customer can find himself in such proceedings almost involuntarily. Almost, that is, because he or she may find that the very terms which cause such feelings of indignation were spelled out in the agreement that was accepted when signing on to open the account. It is true that few people read their entire credit card agreement before becoming a customer. Seldom can one make it through the parsed terms and fine print before giving up in frustration. Also, if a person is the type who pays bills on time and doesn't anticipate any trouble with the account, he may believe that there is no necessity to worry about the details of credit card debt arbitration.
A person may be diligent in paying bills and organizing his personal finances, but still come to require the avenue of credit card arbitration. This may be brought on through no fault or negligence on one's own part. An unexpected job layoff or health crisis can hamper timely payments. Shoddy merchandise shipped by an unscrupulous company can necessitate redress. Identity theft is also a concern. In these cases, some method of negotiating a settlement is in order.
The first course of action in credit card debt arbitration is to follow the procedure outlined on the monthly credit card statement regarding a summary of billing rights. Usually, there is a time limit imposed on questioning the bill's accuracy. Phone calls may be made to the customer service department to settle small questions, such as ascertaining exact details of the merchandise charged to the account. Transactions may easily be forgotten in the course of the month and sometimes a phone call is all that is needed to clarify that a customer does indeed owe the stated amounts. However, it is wise to write to the customer service department to resolve other matters, for a phone call will often not be sufficient to preserve billing rights. Many companies have a clause in their card agreement which requires mandatory credit card arbitration for resolving disputes.
Although this mandatory credit card debt arbitration may seem to be a helpful clause which will eliminate needless court procedures, there are significant dangers to which one may be exposed. First of all, the fact that this arbitration is compulsory raises a red flag. If the right to a court proceeding evaporates, due process of law seems to have been violated. Secondly, who arranges for the arbitration proceedings? Whether the company or the consumer arranges for the arbitration, a very real possibility of conflict of interest seems to exist. Either way, it is likely that the consumer is the one who will lose money.
If one doesn't agree with the decisions made in credit card debt arbitration, there is little room left for the judgment to be overturned. This is especially true because both parties had agreed beforehand to abide by the verdict. Hiring a lawyer and beginning court procedures can be frustrating. Unless the debt outweighs the cost of legal proceedings, it seems foolish to devote time and money toward these efforts. Credit card companies almost certainly retain lawyers as a matter of course, and also are likely to have the necessary financial resources to see their way through lengthy legal maneuvering. If one was to initiate court proceedings, was willing to pay the costs in the area of finances and time, and even won the case, it is possible that one's credit rating could still be left in ruins.
Although legislation is sometimes proposed to attempt to correct these possibilities, and make void mandatory credit card arbitration, to expect quick results can seem like a losing battle because of the strength of lobbying elements financed by the industry. In the end, the most reasonable solution left is to chart a course which embraces personal responsibility. Read that fine print. Note the portions of the agreement in which the company is able to use their right to change rules midstream, such as in the areas of rates, fees, and special services like cash advances. If possible, the company will use these rights to their own advantage. Also, beware of teaser rates, which can entangle the unsuspecting in lengthy debt at inflated percentages.
In conclusion, there is great wisdom in the admonition found in Romans 13:8 -- Owe no man any thing, but to love one another; for he that loveth another hath fulfilled the law." Anyone would be prudent to conduct his or her affairs carefully, so that as much as possible, the very pitfall of debt itself is not a factor.
Credit Card Debt AssistanceCredit card debt assistance is readily available to those in need and can help to assuage difficult financial situations. Thousands of consumers are unfortunately tied to credit cards and become subject to insurmountable debts and bills. Consumers who fall into financial hard spots are usually the victims of overspending, an act which can easily be prevented by smart planning and wise, well thought out choices. Those who are in need can greatly benefit from the help of experts and advisors and the guidance that can be provided for successful navigation of the world of finances.
The current day and age is one of instant gratification by way of Internet access, cellular phones, multiple lines of credit and more. People have grown accustomed to being able to receive what they want immediately and without the wait. Technological advances have made significant strides in recent years hand have brought all sorts of benefits to the fingertips of consumers. However, with all the benefits that come with instant gratification, there are some drawbacks as well. For example, people who rely heavily on charge cards run the risk of overspending and running up bills that exceed the amount of available funds. The need for credit card debt assistance becomes vital as many find themselves in tricky financial situations with no foreseeable way out.
The main purpose of credit card debt assistance is to provide debtors with the assistance that is required to successfully handle all aspects of personal monetary management. Such help often comes in the form of tips and suggestions for ways in which a consumer can quickly reduce any and all outstanding debts. The sooner action is taken to ward of actions by creditors the better, so as to avoid further complications which can lead to larger problems in the future and possibly tarnish a person's credit history. The process of debt reduction is one of the most important. Advisors and counselors are ready and willing to offer advice to clients about plans for reduction that will work the best with individual situations and assets.
Consumers who fall into debt need to be aware of their monetary standing in order to avoid legal actions taken by creditors. The first course of action a person should take when in a situation where bills must be paid despite the lack of sufficient funds, creditors must be contacted. One of the many services that is offered by credit card debt assistance companies is to contact creditors for the debtor in an effort to develop a plan for payment that all can abide. Taking action as soon as possible is vital, so that those who are owed the funds have the chance to see that every possible effort is made in order stick to the terms of an agreement.
Many people find themselves in difficult monetary situations with seemingly no way out. The act of filing for bankruptcy might seem like the only available option, however, doing so should be avoided at any cost. Those who seek credit card debt assistance have the opportunity to work directly with an advisor who can help develop an effective plan to prevent the need for drastic measures. Consumers who choose to file for bankruptcy run the risk of further complications and the tarnishing of history which can make future ventures, such as applying for loans, either impossible or much more complicated. An advisor works closely with an individual and a client's unique situation and assets are all taken into consideration in the process of formulating and effective plan and strategy.
The need for credit card debt assistance can be avoided if a person knows how to successfully manage personal finances. Knowledge is valuable and those who have an understanding of the state of accounts and assets are much more equipped to handle problematic circumstances that can arise. A good habit for consumers to form is the act of consistently checking on the status of accounts and assets, so that an idea can be had concerning the amount of funds currently available. Overspending is one of the leading causes of debt and can easily be avoided if a person is watchful and cautious.
There are various facts that should be kept in mind by people who are in need of credit card debt assistance. Hundreds of companies offer all forms of aid to those in need, and such companies are sought after on a regular basis, however, not all are reputable. Consumers need to be certain to conduct adequate research into all the various forms of aid available and be cautious of who they choose to hire. The Internet is a good tool to use in order to find companies that offer credible services. Most banks and lending agencies have web sites which allow possible clients the confidence that the services can be trusted.
No matter a consumer's situation, a plan can be acquired that can help to alleviate the stresses and pressures of the burden of mounting bills with no way to pay. The many options in credit card debt assistance can go a very long way towards significant reduction and the formulation of a personalized management plan that can help consumers to avoid the risk of falling into another tight spot in the future, as the Scripture says, "Thou shalt guide me with thy counsel"(Psalm 73:24). Credit counselors and advisors can provide the guidance that is need for the continued success of money management.