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Quick Credit Lesson #38:
Credit card debt is killing people with their financial goal. Millions of Americans want to be debt free but are unable to get any help from their own. Consumer credit counseling services was established to help these people with their credit card debt. Professional counselors help the clients in creating a financial budget, provide them with information about credit counseling, and help them in becoming debt free. Credit counseling helps you eliminate late fees and over limit fees, reduce interest rates and finance charges, consolidate all your unsecured credit card bills to one simple monthly payment.
Fair Credit Reporting Act - A federal law that enables consumers to learn what information credit reporting agencies has on file and allows the consumer to dispute errors.
Finance Charge - The total cost of credit including service fees, late fees, transaction fees, and other charges.
Fixed APR - Unlike a "Variable APR," this type of APR does not change based on changes in an index.
