The Credit Card Companies and Their Foul Plays
Getting rid of credit card debts has become one of the greatest issues of personal finances for the Americans and they somehow are trying all means to eliminate credit card debts off their shoulders which brought them into contact with numerous credit card debt consolidation programs and refinancing for credit card debts with the help of debt consolidation loans. To begin with we should first realize that credit card debt help is available to us from a variety of sources which promises to reduce credit card debts in a matter of few months or years; but we should never let go off the fact that the root of this problem lies somewhere else. Till date we had seldom suspected the credit card companies to have any role to play in increasing our debts but the truth is out now. Some of the major offenses that the credit card companies make are: huge fees exceeding card issuers’ costs and risks, undisclosed interest rates to card applicants, late fees get jacked up even after paying only some hours later from the scheduled time and so on. Complains are endless, but consumers can hardly find a way out of this until they take help of upfront knowledge and information about their evil tricks. However, government has introduced and revised the new credit card debt law; things remain unchanged with the credit card companies. What makes matters more complicated is that a few credit card issuers are bad to the bone. Some of the companies that have the most consumer-friendly practices in one area turn around and punish their customers unfairly in another.
It starts from charging different customers different interest rates or offering different terms, based on their credit histories but ends foully by not telling folks upfront what interest rates or terms they’ll get. If you have a good credit history, you should get a good rate, not one that’s been inflated to cover the risks of others who haven’t been as responsible. Another flaw that these credit card companies follow is that they never report the full truth to the credit bureaus and as a result the card holder appears to be a riskier case that actually he/she is and these faulty statements hamper their future financial prospects. The credit card companies know there’s a big difference between late and skipped payments. That’s among the reasons payments that are less than 30 days overdue typically aren’t reported to the credit bureaus. But many issuers will still take advantage of your mistake by sending your rate skyward, even if your payment arrived only hours late. Moreover, they never misses a chance to heighten up your debts with late fees, penalties, over limit fees and outrageous balance transfer fees, which would sound completely irrational and unjustifiable. They wouldn’t even defer from issuing multiple lower limits cards to riskier borrowers who may go down into the depths of debts. So it is advisable to keep those apparently tempting offers at bay, if one has to keep away from credit card debt traps.
Credit card companies sometimes go to any extent in attaining more and more customers for their credit card services but things get awry when they start playing fool with them. Know more about it from http://www.bestdebtcare.com/
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