Consumer Recovery Network Announces Contest For Consumers Who Were Rate Jacked in 2009 -- Winner Gets Free Debt Settlement Services

Austin, TX (PRWEB) January 7, 2010

Consumer Recovery Network (CRN), http://www.consumerrecoverynetwork.com, an ethical, consumer-friendly debt settlement firm, is inviting consumers who were rate jacked by their credit card companies in 2009 to share their rate jacking stories with it for the opportunity to win free debt settlement services from the company. The prize will help the winner get out of debt faster.

Michael Bovee president of CRN conceived of CRN’s contest as a way to celebrate the fact that when the Credit Card Accountability Responsibility and Disclosure Act (CARD) becomes law on February 22, 2010, rate jacking will no longer be legal. He explains, “Traditionally, most credit card agreements have included a universal default clause, which has allowed credit card companies to dramatically increase the rate on a consumer’s outstanding credit card balances for virtually any reason. Rate jacking became especially commonplace immediately after CARD was passed by Congress because card issuers knew that once the law was enacted their ability to maximize their profits by increasing interest rates would be seriously limited. As a result, consumers with good credit scores who had always paid their credit card accounts on time were rate jacked, causing some of them to have financial problems for the first time, and the finances of consumers who were already struggling faced even greater hardship after they were rate jacked. Many of them were left with no option but to file for bankruptcy.”

Consumers who want to enter CRN’s contest, must provide their rate jacking story to CRN no later than January 31, 2010. They can submit it to CRN via e-mail at michael@consumerrecoverynetwork.com, post it as a comment on CRN’s blog, http://debtbytes.consumerrecoverynetwork.com/contest, or mail their story to CRN at 217 Cedar St. #281, Sandpoint ID 83864. In their stories, consumers should explain exactly what happened to them, how the rate jacking affected their personal and financial lives and if they have resolved the problems that the rate jacking created for them, exactly what they did. They should also provide their daytime phone numbers and e-mail addresses in case CRN needs to contact them for additional information.

CRN staff will review all contest entries and select the 6 stories that most dramatically illustrate the harmful effects of rate jacking. Then a panel of CRN specialists and nationally-known consumer advocates will review those stories to choose the contest winner. The winning story will be published on CRN’s blog on 2/15/10, and the contest winner will receive a full CRN membership, including the company’s Settle Down educational series, unlimited one-on-one debt settlement assistance and support from a CRN specialist who will be assigned to work with the winner for a period of two years, and full service debt negotiation services for 2 years. The exact value of the winner’s prize will depend on the total amount of unsecured debt the consumer owes and the number of unsecured creditors the consumer owes the money to. Depending on these criteria, the prize could be worth several thousand dollars.

Should the contest winner have already resolved the financial problems that were a consequence of their being rate jacked, that individual can transfer their prize to a friend, family member or co-worker who could benefit from CRN’s debt settlement services.

CRN helps consumers protect their rights when they have too much debt, make sound financial decisions, and alleviate their economic stress by providing them with clear-cut debt settlement education and advice coupled with affordable full service debt negotiation and settlement services. (CRN does not settle student loans, car loans or mortgages.) Its consumer education, coaching, and full service debt negotiation and settlement services combined with its reasonable fees make CRN an industry innovator and leader, setting the standard for fairness, ethics and best practices in the debt settlement industry.

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