Atlanta Consumers Could See Lower Credit Card Fees With New Legislation

Maybe 2010 will someday be remembered as the year of credit card reform.

Laws have already been passed to limit unfair credit card fees, interest rate increases and billing cycles. And now the Federal Reserve is asking for another limit. If passed, credit card issuers won't be able to you charge a fee higher than the amount of your violation. For example, if you go $10 over your credit limit, you'll only pay $10 or less - not the $39 fee or some other ridiculous number you pay today. Additionally, cardholders will be protected from inactivity fees and from being charged multiple fees for the same indiscretion.

Sounds like a good deal, right? But here's the thing - if you want to take advantage of this new law, you're going to have rethink the way you use credit. And filing for bankruptcy might be the way to do it.

See, the changes are only designed to keep you from paying big fees for little mistakes. Going a few dollars over your limit, or being late on a very small debt, shouldn't put you in the red. But if you're regularly charging $100 or more over your limit, nothing is going to change - you're still going to owe the full-size penalty.

Whether you're careless with credit or simply dealing with circumstances beyond your control, a large debt can drag you down in more ways than one. Why not make this the motivation to finally get control over your credit card bills? Lowering your debt can mean lowering fees - in fact, a smaller debt burden means you'll be less likely to exceed your limit or make a late payment. Heck, you might eliminate fees completely. You might even wind up with a lower interest rate once your credit improves.

Lowering debt is as simple as paying more than the minimum each month. Doing so will lower your balance, in turn lowering the interest you owe. Soon you'll have more money to spare each month, since less is going towards credit card bills.

But sometimes the trick is finding enough to pay more than the minimum. If you've pored over your budget and pinched your pennies and still can't find cash to spare, it might be time for a new plan - like bankruptcy. Filing for bankruptcy has the power to lower or even discharge debt. Find out what it can do for you - free of charge - with a one-on-one debt analysis courtesy of a professional Atlanta bankruptcy attorney. Relief from credit card fees can help your financial problems, but relief from debt can solve them.

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