Know the terminology used in the debt industry in USA.

Debt Glossary

ACH (Automatic Clearing House)
Anticipatory Relief
Arbitration
Accounts Receivable Conversion (ARC)
Affirmative Defense

Back Office Conversion (BOC)
Charge-Off
Consumer Report (Also known as a Credit Report)
Consumer Reporting Agency (CRA)
Credit Report (Also known as a Consumer Report)

Data Furnisher
Debt Collector
Debt Validation
Default Judgment
Discharged/Dischargeable
Dishonored Checks
Disposable Income
Doctrine of Necessaries
Dumpster Diving

Electronic Fund Transfer (EFT)
Electronic Fund Transfer Act (EFTA)
Equifax
Experian

Fair Credit Reporting Act (FCRA)
Fair Debt Collection Practices Act (FDCPA)
Fair Debt Collection Practices Act (FDCPA)
Federal Reserve System
Federal Trade Commission (FTC)

Garnishment (Wage Garnishment)

Internet-Initiated Entry (WEB)
Itemization

Judgment Proof
JumpStart Coalition for Personal Financial Literacy

Legal Action
Letter of Reconciliations

Mini-Miranda

Necessaries of Life
Non-Performing Debts

Obligor
Office of the Comptroller of the Currency (OCC)

Plaintiff
Phishing
Point-of-Purchase (POP)

Servicemembers Civil Relief Act (SCRA)
Skimming
Skiptracing
Statute of Limitations
Surcharge

Telephone-Initiated Entry (TEL)
Tolling Statute
Tort
Trade Line
TransUnion

Uniform Commercial Code (UCC)

Validation Notice
Validation Period

Wage Garnishment

Consequences of Late Credit Cards Payments

Your credit card is an important tool but its improper use can have devastating long-term effects on your finances. Late credit card payments will affect your credit score, your credit cards and increases your interest rates. Skipping your bills might not seem like a big deal to you, but this one mistake can drag you into many hurdles for many weeks, or months or even more than that. If you miss your payments your creditors might not call you the very first day, but will certainly take action behind the scenes. The long and short term consequences of missing the payments, paying your bill late, or paying less than the minimum required payment by the due date are severe. Here are few things you face on paying late credit card payments.

Firstly, your creditor will charge you late fee every month when you pay late or skip a payment. Late fees normally range from $15 to $35. Since, a late fee is not a one-time charge, you will be charged every time you are late or miss your payments. Keep in mind the additional fees added to your balance will increase interest like any other charge you make. 

Continue…… please click on Consequences of Late Credit Cards Payments-2

Don’t for debt collectors

• Debt collector may not harass you. (threats  or harms)
• Debt collector may not oppress you.
• Debt collector may not use abuse word.( obscene or profane language)
• Cannot call phone repeatedly to annoy someone.
• Debt collector cannot use false statements for collecting a debt.
• Debt collector cannot use the word “ you will arrested if you don’t pay debt”
• Debt collector cannot sell, seize or garnish your property unless they get permitted by law.
• Debt collector cannot send false statement to anyone about you.
• Debt collector cannot charge any extra amount.

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We recommend letting a professional National Asset Management handle your outstanding debts for the most effective and efficient way.