Can a credit card issuer demand the entire balance?
If your credit card contract provides for monthly payments, the credit card issuers can’t demand early payment of the entire outstanding balance in a consumer transaction unless a default has occurred. A default occurs when the cardholder fails to make two required payments when due within a 12-month period. What if you are in default on a consumer loan? Most consumer credit transactions in Wisconsin are governed by the Wisconsin Consumer Act. A consumer loan is one under $25,000 issued by someone in the business who regularly grants credit and is incurred for personal, family, household, or certain agricultural purposes. If you default by failing to make payments or not complying with the loan terms on a consumer loan, the following steps can occur if pursued by the merchant/creditor: • Upon default, the merchant/ creditor must give the debtor written notice of exactly what must be done to correct the default. The debtor must be told the exact amount overdue and the exact amount that
