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Ever feel the credit card companies?are out to get you? Well, read on and you?ll find you?re right. Between manipulative introductory gimmicks, charging high fees and interest rates, it?s common knowledge credit card companies would like to stop you from paying down debt, and really don?t have your best interests at heart. But most people don?t know just how devious they really are. This article is a cautionary warning to prevent people from falling into the credit card company?s traps. If you already carry high credit card debt balances, it?s important that you do something about it now before it?s too late.
Simply put, swiping your credit card is the act of accumulating debt. Once you?ve done this, credit card companies have a multitude of ways of causing financial hardship; it?s important to educate yourself, thus better protecting yourself from their manipulative practices. Remember, this is a relationship where they benefit from your financial strain and they lose when start paying down debt. Below are several ways credit card companies get you further in debt and prevent you from ever getting out:
? Interest Rates:? Read your agreement with the credit card companies. They can raise your interest rates at any time for just about any reason, even if you are current with your payments, and only have to give you 15 days notice. And yes, this holds true even if you have a ?fixed rate?. This is the only industry that can change the price of something after you?ve bought it. SNEAKY!!
? Low Introductory Rate:? Beware of this gimmick! They reel you in with this so you?ll sign up and spend. They get you comfortable using the card, charging up the balance. Next thing you know, you?re sitting on a high balance with a very low interest rate making regular payments, thinking you?ll pay it down sooner than later. When the introductory rate ends, your interest goes up, and now those payments you were making start to go mostly to interest fees. Now you are stuck with a high balance and with no real way to pay it down in a reasonable amount of time. GOTCHA!!
? Minimum Monthly Payments:? Credit card companies make more than 75% of their profit on your inability to pay more than the minimum required payments each month. About a decade ago, credit card companies realized that if they reduce your minimum payments, people will think they can afford to buy more on credit. What people don?t realize, is that most of their minimum payments go to interest. Credit card companies have made it easier to get in debt, and nearly impossible to get out. Recent regulatory changes now require credit card companies to include how long it would take you to pay off your debt if you were just paying the minimums on your monthly statement. Go ahead, take look. Don?t be surprised when it says 30+ years! Feeling trapped yet?
? Two-Cycle Billing: Credit card companies that use this method are calculating your interest rate based on purchases from the last two months. So, let?s say you make a large purchase in June for $1,000. Even if you pay that off completely at the end of the month, that amount will still be used the following month to calculate your average daily balance ? thus, you will pay interest on something you already paid off. Fair? Not at all.
? Shortened or Nonexistent Grace Period:? The average grace period is roughly 22 days. But some cards offer less time, while others offer none at all. If you possess a card with no grace period, you are charged interest on a purchase as soon as you make it. YIKES!
? Fees, Fees, Fees:? Credit card companies will slam you with fees for almost any infraction. Make a payment a day late? You can expect not only to be charged a late fee, but you will see your interest rates soar as well. The difference can be massive; companies have the right to hike your rates to more than 30%! Can you say ?Loan Shark??
If you were treated this way in a relationship, at your job, or any other area in life, you would be disgusted, feel betrayed, and get as far away from it as possible, wouldn?t you? So why do more than 40 million Americans let these companies bleed them of their financial stability leaving so many in hardship?
If you are struggling with credit card debt, it?s time to get out from under the credit card company?s thumb. Visit United Financial Relief online at www.unitedfinancialrelief.com , or call 1-888-534-5010. Their debt relief programs have helped thousands resolve more than $1.7 billion of debt, and can offer you the financial freedom you are searching for.
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