If a consumer has a dispute with their credit card company, that dispute may need to be resolved in arbitration. While arbitration clauses are common in credit card agreements, roughly 75 percent of consumers don't know that they are in their agreements. Of those who were aware that they could possibly go to arbitration, 50 percent were wrong as to whether or not their credit card agreement included such a clause.
A number of South Carolina residents may be about to receive notices that the interest rate on their American Express card is increasing. Although the 2009 CARD Act has limited credit card companies' ability to increase card holder's interest rates, it is still possible, as about a million people with American Express cards are finding out.
Avoiding credit card debt is much easier than recovering from it. As the balance on the card increases, the amount of interest that is accrued each month increases with it, requiring larger payments. These higher payments can make it more difficult for the consumer to pay for current and future expenses. This is why a repayment plan may be vital for any South Carolina residents attempting to recover from credit card debt. The plan should include reducing spending, speaking with creditors about reducing interest rates, suspending further credit card usage and prioritizing payments based on the interest rates.