Credit card debt is a common problem these days. With the falling economy many people are having problems paying off their credit cards. These same people would like to be credit card debt free.

Since this can not always be possible, you will want to learn what the most common of credit card debt laws are so you will know exactly what your responsibilities and rights are before getting into any trouble because of the credit cards. This will be of help to you in keeping your credit rating as you are paying off the debts that are owed.

If you do fall into trouble and you have started being contacted by debt collectors, you should become familiar with some of the Fair Debt Collection laws. Even if you owe a debt, you have rights. Debt collectors are held by certain laws. They have to follow these laws when they are attempting to collect a debt.

This is one of most importance under the credit ard debt laws that identity and their purpose of calling must be established. The mini Miranda should also be given when they call. This mini Miranda simply will state that “The phone calls are an attempt to collect a debt and that any information obtained will be used for this purpose.” Then they will state the debt as well as the amount owed by you. Payment arrangements can be worked out in many cases.

Before they even call you on the phone, they must send you a letter that has the mini Miranda printed on it and an explanation of what you owe and why. You will be given thirty days to respond to this notice. You can either write back and dispute the debt or you can call the company and make arrangements to pay the debt off. You will only have thirty days to dispute the debt and this must be done in writing.

Credit card debt laws do state that not responding within the allowed thirty day period, you are not disputing the fact that you owe this debt and acknowledge you owe it. By ignoring the letters, phone calls will start to come in from which ever collection agency the original contract holder chooses to use.