Credit card debt is a common problem these days. With the falling economy many people are having problems paying off their credit cards. These same people would like to be credit card debt free.

This is not always possible and before you get into trouble with your credit cards, you may want to learn the most common credit card debt laws so that you know what your rights and responsibilities are. This will help you keep your credit rating while still paying off your debts.

You should be familiar with a few of the Fair Debt Collection Laws in case you do happen to fall in trouble and have to start dealing with debt collectors. You do have rights even if you do owe a debt. Debt collectors have to follow certain laws. These have to be followed anytime an attempt to collect a debt is made.

This is one of most importance under the credit ard debt laws that identity and their purpose of calling must be established. The mini Miranda should also be given when they call. This mini Miranda simply will state that “The phone calls are an attempt to collect a debt and that any information obtained will be used for this purpose.” Then they will state the debt as well as the amount owed by you. Payment arrangements can be worked out in many cases.

You will also be ready for these calls because the collector must send you information with a mini-Miranda and information about the debt beforehand. You are allowed thirty days to respond to this notification. You have two options; you may dispute the debt or work out an arrangement with the company to pay for the debt. If you choose to dispute the debt you have to submit your claim in writing within thirty days.

Credit card debt laws do state that not responding within the allowed thirty day period, you are not disputing the fact that you owe this debt and acknowledge you owe it. By ignoring the letters, phone calls will start to come in from which ever collection agency the original contract holder chooses to use.

by Rich Bernie
About the Author:
Rich Bernie recommends that everyone become familiar with the credit card debt laws. He states that not knowing the laws can cost you dearly. He encourages you to visit creditcarddebtlaws.net to avoid being taken advantage of.

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