Using credit cards can create financial challenges especially if consumers do not watch their spending and do not understand how interest is calculated. Credit card users with consumer debt who experience unemployment, reduced income and increased expenses may face creditor harassment because of delinquent payments. Consumers in Pennsylvania and across the country who are making only minimum payments on a credit card to their credit card company could benefit from understanding how credit card interest is calculated.
People in Pennsylvania who are dealing with unpaid obligations and are being harassed by bill collectors may be able to hold those collectors accountable for their actions. If debt collectors violate the Fair Debt Collection Practices Act, debtors have the right to sue them. Every infraction committed by a debt collector could result in a judge ordering the debt collector to pay a $1,000 statutory award to the plaintiff.
Pennsylvania readers might be interested to learn that, according to ProPublica and National Public Radio, 10 percent of working people in the U.S. aged 35 to 44 are subject to wage garnishment. Many of the garnishments are because of student loans, medical or credit card debt.
Many Americans struggle with debt, especially credit card debt. For some, unchecked spending combined with the high interest and fees associated with credit cards can lead to financial pressure and anxiety. Pennsylvania residents are not immune to this situation, and anyone struggling with credit cards may benefit from strategically pay down credit card debt as soon as possible.