donheff
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Did any see the Frontline documentary on the CC industry? It was pretty horrifying. I put everything on CCs and pay them all off on time -- I have for 20 years. So I pay attention to frequent flyer miles and fees but never pay attention to interest rates. Most people do carry a balance so the interest rates are important. I was stunned at how much leeway the CC companies have to "change the deal" on you. A day late on a payment and you can pop from a low 6% to 25% in a heartbeat. Most shocking is that most CC agreements have a clause allowing them to raise your rate if you are late on someone else's debt or if your FICO score changes for any reason. Heck, move from an apartment that was too expensive for you to a house with a mortgage you can afford and suddenly find your CC payment going up.
It is easy for us to say "don't carry a balance" but a lot of low income people get seduced by easy terms and then get their financial blood sucked dry by these vampires.
It is easy for us to say "don't carry a balance" but a lot of low income people get seduced by easy terms and then get their financial blood sucked dry by these vampires.