Can a debt collector charge interest or late fees on my debt?

In South Carolina, debt collectors are not allowed to charge interest or late fees on consumer debts that are past due. This is according to the South Carolina Consumer Debt Defense Law, which was enacted in 2008. This law is designed to protect consumers from creditors and debt collectors who might attempt to charge unfair or exorbitant amounts of interest or late fees on their consumer debts. However, there are exceptions to this law. If the debt you owe is secured by an account or property, then the creditor or debt collector may charge interest or late fees as long as they do not exceed rates set by the federal Truth in Lending Act. Additionally, if you voluntarily agree to pay interest or late fees on your consumer debt, then the creditor or debt collector may charge such fees. In conclusion, it is important to know your rights as a consumer in South Carolina. The South Carolina Consumer Debt Defense Law exists to protect consumers from creditors and debt collectors who might attempt to charge them unfair or exorbitant amounts of interest or late fees. However, there are exceptions to this law, such as if the debt is secured by an account or property or if you voluntarily agree to pay interest or late fees.

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Can a debt collector charge interest or late fees on my debt?

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