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Debt Elimination

Many people today are struggling with the burden of credit card debt and bills they can’t afford to pay.  With creditors getting more and more aggressive in their collection tactics the need for a reasonable solution for credit card debt has never been greater.  Debt elimination may be the answer many have been searching for.

Credit card debt elimination is a process using the Fair Credit Billing Act (“FCBA”) by which the consumer disputes charges on their account as inaccurate, or simply requests an “accounting” to verify the charges were billed accurately, the interest rate was applied accurately, and all payments were applied properly and in a timely fashion.  With credit card companies using different interest rates on different portions of the balance, and payments sometimes not being applied upon receipt, accounting errors by credit card companies are quite common.  Upon a suspicion of a possible accounting error, or a good faith belief that one may have occurred, the consumer can begin the debt elimination process.

It is not necessary for a consumer to be absolutely certain about what exactly was miscalculated or misapplied, a mere suspicion of such errors serves to justify a request for a full accounting from the credit card company.  If the credit card account is not fully detailed with a proper accounting, it then becomes unlawful for the credit card company to continue collecting on the debt under the Fair Credit Billing Act.  This withholding of payment has been referred to as “debt elimination,” or credit card debt elimination.  It is a legal process by which the consumer demands an accounting, and then voluntarily withholds payment until proper accounting documentation is provided pursuant to the FCBA.

Although the law is on the side of the consumer in regard to debt elimination, as might be expected, the credit card companies don’t like the process much.  It is very common for credit card companies to simply ignore consumer disputes and requests for the accounting.  Credit card companies frequently just keep collecting the debt anyway or even file collection lawsuits.  Consumers acting without an attorney often get ignored and make little progress in the credit card debt elimination process.

However, when an experienced consumer law and debt elimination attorney is involved in the process, much better results are typically achieved.  Credit card companies know they can’t simply ignore attorney letters or they will be giving up their rights to collect on the debt.  Similarly, if they provide incomplete or inaccurate documents they also lose important rights.  It is critical to hold creditors to the FCBA and demand proper documentation and accounting.  Very few attorneys practice in this area of law and understand the intricacies of the FCBA.  To achieve optimal results in the credit card debt elimination process, it is important for consumers considering going through the process to work with an experienced debt elimination attorney.

For more information on the debt elimination process, consumers can read Federal Trade Commission guidance online :


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