The credit card companies have many tricks available to maximize the profits seen from each consumer, and many of these tricks could result in financial difficulties or even a bankruptcy filing. Your financial health is important and financial problems can take a large toll on your family and household budget. The credit card companies do not care that you may be struggling, or that millions of Americans have lost everything including their jobs, homes, and even their retirement savings. The card issuers only care about getting their payments, and use every opportunity to tack on additional fees. There is a solution to devastating credit card debt, and understanding the common tricks used by credit card companies can help you avoid financial problems with the debt owed on any credit cards.
Credit cards are a responsibility, and this area of debt is one that pushes many consumers into large amounts of debt. The first trick used is for international travelers, because there may be a fee as large as 3% imposed just to use your card in a foreign country. This trick can be avoided by reading your card agreement and terms very carefully to identify the costs involved with using your card in another country. You can also call the card company and ask questions if you are not sure whether any fees or additional charges apply.
The fine print is a popular place for card issuers to place any unfavorable terms and conditions. Always read all of the fine print before agreeing to the terms. This will prevent any nasty financial shocks later on after you have used the card. Many credit cards offer an interest rate that states the card interest rate “could be as low as 10% or even less”. Usually in the fine print there is a clause which explains the true facts. While some consumers may receive a card with this low interest rate the fine print points out that the rate “ could be as high as 20% or even more.
Cash back is another trick that many card companies use. Credit cards offer anywhere from nothing back up to 5% or more, but this may be too good to be true for many consumers. The card issuer will often set up the cash back percentage in tiers with two or more levels. To get the maximum percentage of cash back you will normally have to spend a certain amount per month, and this amount is usually pretty high. If the minimum amount requirement is not met for the month then you may find you are not getting as much cash back as you expected. Use caution with balance transfers as well, because you may be charged a fee to transfer the balance which could be 3% or more.
Many consumers want to pay their bills and live debt free, but the touch economy and high unemployment rate mean that times re tight all over. When credit card rates and fees jump it affects consumers in a devastating way. Credit card debt does not have to ruin your life though, there are answers and resources available to help you get out from under your debt. The bankruptcy attorneys at Richard West Law can help provide a free consultation to help you find the right answer for your unique credit card debt problems and individual circumstances. Visit https://www.debtfreeohio.com or call (513)771-8700 or (937)748-1749 to get the answers you want, and the financial relief you are looking for.