Where do you go when you need advice about debt? The best answer might be to talk to an attorney, but that can be costly. The internet is a rich source of legal and free advice about debt (if you just know where to look).
Government websites abound with information about how laws affect lenders, consumers and credit cards. The latest information on credit lending laws and how they apply to you is clearly outlined an explained on various consumer sites provided by the federal government.
Terms and Conditions
When you apply for a credit card you agree to the terms and conditions of the lender. Most of us have seen the long list of fine print details provided during a credit application.
Do you read those terms thoroughly? Most people don’t bother to closely examine the terms and conditions. They applied for credit and want the credit card and the spending limit attached. People may see the fine print as nothing but details to be ignored.
Truth is, every item in the terms and conditions is there because of one legality or another. Lenders must disclose every detail of how your credit account is managed. If there is a term or condition you do not fully understand, you can learn more if you Google that term.
Free Legal Advice
Large law firms often provide valuable information for consumers on their websites. Some law firms specialize in helping consumers cope with crippling debt or provide debt management services.
The lawyers have a vested interest in presenting themselves as experts to attract customers to their particular law practice.
These firms provide valuable debt information on their site. This is free advice from professionals who are highly skilled in debt management practices.
The new credit lending laws are explained in full on many legal websites online. Lawyers provide tips on how to leverage credit card debt, how to approach debt consolidation and how to ask lenders to reduce interest rates.
Credit Card Lending Banks
Major credit card lenders often include detailed information on their websites that offer legal advice about debt. This info is provided to education consumers and helps them become responsible account holders.
Most large lenders also provide a phone number for customer service where you can get detailed information on any specific legal question you have about your credit debt.
Legal Advice to Avoid
The sources above provide free and professional advice that is factual and trustworthy. You can also be led astray by reading the wrong information or by believing opinions are the same as legal advice.
Armchair lawyers are people who love to interpret what the laws “should” mean but who have no education or qualifications to give legal financial advice. Many forums and blogs offer advice about debt management and about what is “legal” and some of that advice can be dangerous.
Be especially cautious of any advice that talks about loopholes in the law or gives advice on how to avoid certain legalities. It is not helpful to read advice that begins with “I think…”. Instead, what you want to find is factual information by experts who know the laws and provide only the facts.
Summary
Legal and free advice about debt is readily available to consumers. If you search the sites of large law firms, carefully read lender applications and believe only those experts qualified to give factual answers, you can easily understand what your rights are.
