Credit Card News
Advertising Disclosure
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from many credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.
Credit Card Applications » News » Other » Federal law mandates new payment solutions for old residents

Federal law mandates new payment solutions for old residents

By
Add to Favorites:
Federal law mandates new payment solutions for old residents

According to a worker who works full time as a sales agent, her mother who is 71 years old has to pay more than $20,000.00 for her credit card debt with an interest rate of 20 percent and above every month. Unfortunately, her mother is old and only relies on the pension she receives monthly; she can only afford to pay the minimum fees and balances regularly.


This is no longer a surprise as older people do not earn income which they can use to pay for their credit card debts. Thankfully, with new Federal Laws, credit card companies are mandated to show the duration or length of time for its clients to make the minimum amount of payment. This should reflect on their credit card statements. Aside from the time for payment, it is also required that credit card companies show the actual interest rate that would be charged for the remaining time.


With this system, the debtor will be more informed about his or her balances and obligations to pay. For people who earn a fixed amount of income, having a plan might do the job. It is more appropriate to pay off the balance in a short period of time rather than paying the interest which is accumulated based.


But for seniors who do not have any stable jobs or who just depend on pensions, credit analysts suggests that they should use their savings to pay off the interests. However, financial analysts remind that they should also secure other savings before they use them to pay their taxes. Expenses like paying their annual taxes or insurances may be sacrificed once they are not closely followed. Moreover, moving the credit card debt to a lower interest rate might help seniors decrease their credit card debts if they decide to pay it long-term.


When older people consider this option, they use their equity and mortgage to benefit from lower interest rates. These are common among older people who do not have the intention to pay their debts on a one-time-big-time basis. But the best solution according to credit card researches is to always lessen the expenses that both the child and the parent make.

Add to Favorites:

Related News:

Global Fraud On Hackers To-Do List This Season

By Dar Dowling, Posted: December 2, 2016

With the holiday shopping season upon us, retailers around the world can expect a 12% bump in online fraud when compared with data from the holiday season last year. Continue reading
Chase Pay Launched

By Dar Dowling, Posted: December 1, 2016

Chase Pay, the new digital payment system from Chase, is now open for business. Chase Pay lets people pay for purchases with their credit cards. Continue reading
Blowing The Holiday Budget is a Holiday Tradition

By Dar Dowling, Posted: November 30, 2016

If year after year you find your self overspending at holiday time you are not alone, with eight out of 10 consumers (78%) indicating that they are in the same boat. Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Get 0% Intro APR on Balance Transfers and Purchases for 21 months. After that, the APR will be 12.24%-22.24% based upon your creditworthiness.
For Excellent/Good Credit
Earn 1% cash back on gas and grocery purchases. Terms apply.
For Fair Credit
Guaranteed $500 Unsecured Credit Limit
For Bad Credit