Thursday, November 13, 2008

Credit Card Companies Want You in Debt

The interest rates on credit cards have been steadily rising for the past three years with no end in site, this is do to the prime rate going up and the more it goes up the more your credit card interest rate goes up. This does not include those who have a fixed rate and have been paying their credit card bills ontime, but unfortunately on late payment could easily end that.

Making just one late payment can cost you more than $30-$40 in fees it can also cost you to lose your intro, fixed or promised interest rate quicker than you can say “huh”. The 0% can easily turn into 19.8% overnight with just one late payment which can easily happen to any of us at anytime. The credit card companies have basically taken the Murphy’s law as in “What can happen will happen and we will charge you a fee when it does” this is just one of many tricks the credit card companies like to play in order to reel in new customers.

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