Creditors and Bankruptcy/Credit Card Act 2010

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Expert: Ontrack Financial Group llc - 6/9/2010


Question
Hi! Generally I pay my credit card in full but this month I can not. My Credit Card company told me that since I do pay in full that this month as long as I pay more than the minimum that the following month if I pay my outstanding balance plus all new purchases I would NOT be charged any interest. The customer service person said due to the new "Act" I can basically pay in full every other month and avoid finance charges all together. Is this correct? I tried to look up data but am unable to locate this particular stipulation in the new law. Can you confirm this and possibly lead me to a site that I can print out this information specifically. I appreciate it!

Answer
PROHIBITION ON DOUBLE-CYCLE BILLING AND PENALTIES
FOR ON-TIME PAYMENTS.—Except as provided in paragraph (2),
a creditor may not impose any finance charge on a credit
card account under an open end consumer credit plan as a
result of the loss of any time period provided by the creditor
within which the obligor may repay any portion of the credit
extended without incurring a finance charge, with respect to—
‘‘(A) any balances for days in billing cycles that precede
the most recent billing cycle; or
‘‘(B) any balances or portions thereof in the current
billing cycle that were repaid within such time period.
‘‘(2) EXCEPTIONS.—Paragraph (1) does not apply to—
‘‘(A) any adjustment to a finance charge as a result
of the resolution of a dispute; or

Creditors and Bankruptcy

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Ontrack Financial Group llc

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With the credit market on a brink of collapse, the future of having good credit will be paramount. Loans will be near impossible to obtain with strict lending practices around the corner. Debt collectors and Law offices will use even stronger tactics to recover more of your hard earned money. Protecting you and your credit has to be a top priority. In 2000 Ontrack Financial Group llc founded the credit arbitration movement. More and more companies entered into the arena and new business models joined old ones. Only one company has the attitute and aptitude to truly assist our clients. Ontrack Financial Group llc is that company! With our proven credit arbitration solution, you can become Charged Off Debt free within three years or less. Our clients have eliminated their Charged Off Debts with our service and avoided communication with collection agencies and law offices in the process. Since the inception of Ontrack Financial Group™, we have continued assisting our nation-wide clientele with their burdensome unsecured debt and has enrolled thousands clients in its programs, managing millions of debt for its clients without one complaint. Ontrack Financial Group™ is a for-profit, private company and is not affiliated with the credit bureaus or the credit industry. As a result, our services are unbiased and independent, which allows us to better serve the consumer.

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