There is a clamor today not only in the US consumers but even worldwide of the very difficult financial situations that the people are encountering in these current times. The greatest uproar is many people cannot make their both ends meet because many have lost their jobs and consequently they cannot pay their obligations; hence, they need help - serious help.
This nonpayment of debt have ended in an unfavourable effect on some business sectors and one of these industries which are confronting problems of picking up payment is the card industry. One of the main reasons that many of the Visa card holders are burdened by their debt is due to the extreme interest rate imposed by the Visa card corporations.
Many are convinced the rate of interest of roughly 222% imposed on the acquired amount by the Mastercard firms are thought to be as subhuman, unethical and impractical.
It is quite deceiving when credit cards are offered to prospective clients because most often credit cards are delivered to your office or residences without even requesting for it. In addition it is given for free but without your knowledge it is already included in your monthly billing. It is unfortunate that there is no clear explanation on the interest rate charges and other penalties and they should be partly blamed on this problem.
Thus, the cause of the problem of ballooning credit card debt of the clients can also be partly traceable from the credit card companies who are promoting vague credit card programs not revealing its salient point. It is quite understandable that customers of the credit card companies are requesting for a relief of their debt and many people clamoring for the government help.
Hence, several years ago the U.S. Congress enacted a bill which is called the National Economic Stabilization and Recovery Act (NASARA) whose purpose is to forgive the debt of the credit card holders.
However, because of the vast influence of the some businessmen in the industry they were successful in deliberately holding its implementation and consequently the law has not been put into effect.
Even without the law the credit card companies should heed this call of credit card debt forgiveness as part of their social responsibility towards their customers. Anyway they have grown to this level of becoming one of the most viable businesses and this should give due consideration on this request. - 31377
This nonpayment of debt have ended in an unfavourable effect on some business sectors and one of these industries which are confronting problems of picking up payment is the card industry. One of the main reasons that many of the Visa card holders are burdened by their debt is due to the extreme interest rate imposed by the Visa card corporations.
Many are convinced the rate of interest of roughly 222% imposed on the acquired amount by the Mastercard firms are thought to be as subhuman, unethical and impractical.
It is quite deceiving when credit cards are offered to prospective clients because most often credit cards are delivered to your office or residences without even requesting for it. In addition it is given for free but without your knowledge it is already included in your monthly billing. It is unfortunate that there is no clear explanation on the interest rate charges and other penalties and they should be partly blamed on this problem.
Thus, the cause of the problem of ballooning credit card debt of the clients can also be partly traceable from the credit card companies who are promoting vague credit card programs not revealing its salient point. It is quite understandable that customers of the credit card companies are requesting for a relief of their debt and many people clamoring for the government help.
Hence, several years ago the U.S. Congress enacted a bill which is called the National Economic Stabilization and Recovery Act (NASARA) whose purpose is to forgive the debt of the credit card holders.
However, because of the vast influence of the some businessmen in the industry they were successful in deliberately holding its implementation and consequently the law has not been put into effect.
Even without the law the credit card companies should heed this call of credit card debt forgiveness as part of their social responsibility towards their customers. Anyway they have grown to this level of becoming one of the most viable businesses and this should give due consideration on this request. - 31377
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