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Credit Card and Counselling >>
Avoid credit card trap
Thses days credit card or plastic money is very popular and used extensively.
It is indeed of great utility if used in a calculative manner. But you
need to be aware of some obvious disadvantage related to credit cards.
Remember, with every purchase that you make with a credit card, you add
a credit amount to your account. Sometimes is also quite shocking to find
an interest rate of 18% related to your credit card. This compels you
to look for cards with lower interest rates. In most cases you consider
your credit card as a lucrative item because it offers you the following:
0% interest for the first six months*
No annual fees*
A low fixed rate of only 8.9%* Conditions
apply: With the above three offers, everything seems perfect about
the offer of a credit card. No doubt everybody would love to possess it. But unfortunately
most of us don't see those * items, which says conditions apply. This suggests:
Unless you count the deferred interest we will charge you provided the
payment of the full balance transfer amount is not done once the promotional period
ends. We charge for late payments and evaluating your balance. We also charge
for cash advances, balance transfers, memberships, reward programs, etc. The
rates are fixed for the first month. But later, on evaluating your balance we
may change the prime rates without notice. This may happen also due to late payments
or because we need to extract more money from you. A payment will be considered
as late payment if we don’t receive it within the scheduled time period. No excuses
will be entertained even if you have mailed us earlier. Solutions:
- Read the entire fine print carefully. If you are not clear
on something ask someone else what they think it means. Ask an attorney friend,
CPA (certified public accountant), financial planner, banker or other person in
the financial industry.
- Don't apply for a card unless they tell
you what your actual rate will be. This is difficult because most of them do not
intend to tell you the actual facts.
Generally you will need to know your
credit scores and have a copy of your credit report handy. Try to find a card
that gives you a confirmed rate before you apply. A reputed credit card company
will first request a copy of your credit report from one of the credit bureaus
before quoting you a rate. Look on http://www.bankrate.com for current rates offered
by various credit card companies and banks. Often smaller banks and companies
offer better deals and are not as hard to deal with. Check with your local banks
also. At least with a locally issued credit card; you know where the company is
located.
- Always mail your payment at least 7 days before it
is due.You can also try paying through the Internet. Many companies now offer
online payment method. It can also save you time and stamps.
-
Check your statement every month and make sure you are having the same interest
rate you signed up for. If your rate has been increased, look for a late payment
fee, or some other reason for the increase. Call the company and ask them why
they increased your rate. If your rate was unjustly increased (they processed
the payment late or credited it to your account late, but it was not received
late) then ask them to change your rate back to what it should be.
Often
we tend to be careless and end up being in debt. If you are in similar circumstances
and undergoing debt problems, feel free to depend on us. Debt consolidation is
a much better way to get rid of your debts and we are experts in this field. Trust
in us and we will help you to achieve a debt free life without anxieties.
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