Credit Card Holders BEWARE!
Most of us use credit cards, but few of us read (and understand)
the fine print. Did you realize...
- If you're late on any payment (car, phone, house) credit card companies can increase the interest rates on your card!
- There is no federal limit on the interest rate a credit card company can charge. You could be charged 30% interest on your purchases—and it would be perfectly legal!
- A credit card company can increase or decrease your interest rate at any time, for any reason, as long as the card holder is given 15 days notice—all original agreements are null and void!
- There are no restrictions on late penalty fees. If you make a late payment, there's no limit to the amount the credit card company can charge!
- Minimum payments can fluctuate. For example, your minimum payment may be lowered from 5% to 2%. As a result, it will take longer to pay off your debt and you'll end up paying a lot more in interest.
- Credit card companies are in business to make money—don't let them make money off you!