Credit counseling should not be out of the picture just yet.A study has shown that debt has dropped to its lowest level in eight years, Newsweek reports. However, spending has increased 6% - the highest since the economic crisis, and many have credit scores below 600.Credit counseling may also be needed in light of the new credit card laws.The new laws are intended to protect consumers. For example, credit card holders must be notified of any changes in interest at least 45 days in advance, and late fees must be charged at reasonable rates. There are some tips and tricks that may not be known to consumers. For example, Janet Harrison with Consumer Credit Counseling advises, Lets say your minimum payment on your credit card bill was $20. Well then, your late fee cant be any more than $20.Despite these new laws that are clearly meant to benefit consumers, many may still not be able to handle their credit. Consumers are just more motivated to get out of debt because of the bad economy it does not mean they have learned their lesson in frivolous spending and could continue to swipe that card a few times too many.
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