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Debt Consolidation USA Explains The Most Common Credit Card Problems

July 14, 2014

Los Angeles-Long Beach, CA (PRWEB) July 14, 2014

Debt Consolidation USA shares in a recent article published last July 11, 2014 how mismanagement of a credit card can lead a consumer down a deep debt hole. The article titled "8 Credit Card Problems And What To Do With Them" discusses the most common credit card problems that a consumer encounters and ways to address the issues.

The article starts off by explaining the importance of properly managing the usage and payment of credit cards. Although it is only running up third place next to student loans and mortgage loans, credit card debt is easily one of the debt types that can escalate quickly and get out of hand fast.One missed payment opens the door for multiple types of finance charges and penalty payments.

One of the unique characteristics of a credit card is the high interest rate. One cause of this is that credit cards are unsecured debts and once the borrower runs away from payment responsibility, the lender will have nothing to hold on to as replacement for the borrower's debt. One thing a consumer can do is to switch to another card that offers a lower interest rate. This can help reduce the payment amount the consumer has to make on the credit card.

The article shares how identity theft can affect the consumer's credit card usage. It is because of this that a consumer has to be proactive in checking monthly billing statements to ensure that they were the ones who made the purchases on the bill. As soon as an unauthorized entry shows up in the statement, the consumer must be quick to act and call the lender as soon as possible.

Being declined for credit card purchases is also a common problem for consumers. The usual cause of this problem is having insufficient funds on the card or forgetting to make a payment. Another one is the absence of activity in the card for some time prompting the lender to deactivate the credit card. Once a consumer's purchase is declined, the best thing to do is to call the lender and find out the reason.

There will be instances that a consumer might not be able to make a payment on time. The best thing to do is to call the lender and ask if the due date can be set to another date on when the consumer expects to have funds for payment. This is a great solution when the consumer's salary comes in at a different date than the credit card's due date.

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