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Fed ads give tips on credit cards, though those already in trouble may opt for debt consolidation
11/30/2009
Many people who find themselves with credit card debt problems may choose to turn to debt consolidation as a way to help fix their financial situations.
However, in order to try and discourage people from putting themselves in such a position, the Federal Reserve has created advertisements advising consumers on the best way to manage their credit card debt during the holiday season. The advertisements will appear in movie theaters in a dozen major cities across the country.
Included in the advice from the Fed is that consumers should make sure to pay off their debts on time, along with keeping below the accounts limit. Furthermore, credit card debt account holders are being encouraged to try and avoid fees and should pay attention to changes put forward by the credit card companies.
The reason why consumers should pay close attention to their card accounts is because lenders are raising interest rates and fees prior to the implementation of new rules for credit cards. Starting next February, card companies will be more restricted in their ability to increase interest rates.
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