Huge debt burden is the most alluring problem today. Though, different states have different debt consolidation laws, the basic debt consolidation law is the same everywhere. If you are in California, and is unable to repay your credit card bills, personal loans, payday loans, and medical bills and so on, California debt consolidation is the best solution for you.
The California debt consolidation companies, apart from reducing or eliminating interest rates, consolidating loans, helping in improving credit score also reduces the inflow of creditor calls.
Repeated collection calls make life miserable. The California government has thereby taken up some policies to deal with the collection agencies. They follow the set of federal laws in this regard. This is collectively known as the Fair Debt Collection Practices Act (FDCPA).According to this law; a Collection Agency can charge a maximum interest rate of 10%.
Payday loan counts for maximum amount of debts for the majority of the debtors in U.S. In California, the ill effect of payday loan has made the life of the commoners extremely miserable. The California government has thereby brought some major changes in the payday loan laws.
The law states "23005. (a) No person shall offer, originate, or make a deferred deposit transaction, arrange a deferred deposit transaction for a deferred deposit originator, act as an agent for a deferred deposit originator, or assist a deferred deposit originator in the origination of a deferred deposit transaction without first obtaining a license from the commissioner and complying with the provisions of this division. This means deferred presentment business in California without a license is illegal.
However, despite all efforts, the total number of debtors in California is at a rise. And the debt consolidation companies are working hand in hand with the debtors to reduce their debt burden.
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