If you have not read your most recent credit card statements, you should! Many of our clients are now telling us that, due to the new law that begins on February 1^st, 2010, many credit card companies are raising your interest rates AND lowering you credit line.

For example, let’s say you had a credit line of $10,000 with ABC Credit Card, and you owe $5,200. There is a very good chance they have lowered your credit line to $5,300, leaving you absolutely no room to use that card again. Moreover, if you do not pay your balance down soon, you will likely incur more services charges….their favorite!

If this is not enough, they are raising the interest rates they charge you. We have clients accounts go from 8.9% to 29.9% overnight! Lastly, they are shortening up the “grace period” from 30 days to 20 days or less.

Our suggestion, make sure you read you statements each month! Then, if you feel you are in need of a debt relief company to help you, give as a call toll free. 800-890-6658. We can help answer your questions for you.