Important Facts The Credit Card Companies Do Not Want You To Know
Posted at by CreditWiz on category CreditWhen confronted with surging bankruptcies, a down economy, and increasing credit card fraud you’d think the credit card industry could well be on the ropes. But that is incorrect. The truth is, last year the industry posted near record profits. How did they do that? Easy – by stealing you blind!
They run high-priced TV ads in the midst of January tempting you with white sandy beaches and warm tropical sunshine. Or they show a couple happily sipping champagne on the deck of their cruise ship stateroom from the sunny Caribbean. It looks mighty good every time a bitter winter storm is howling outside your window!
Their purpose is straight forward: get you into debt and then help you stay there as long as possible while they bleed you dry with a toxic mixture off high interest rates as well as other hidden charges. The things they do ought to be criminal simply because it clearly preys on the human weakness of desire. We would like things for ourselves as well as for our family members. It’s only normal. They offer what we want and then over the years they charge us three to six times the original price. But don’t expect the government to offer you protection anytime soon. The charge card industry has a whole lot more influence over our law makers than we ever will. They make huge campaign donations therefore, the government happily gives them permission to steal and throws us to the wolves. So the madness continues.
Where will all of it end? Personal bankruptcies will top 1.4 million this current year. Total personal debt is now above two trillion dollars and headed for the moon. Sooner or later this concern will have to be addressed on a national level but for now – you’re very much on your own.
The bottom line is if you have a ton of credit cards and high debt and if you’ve been late with a payment or two you can expect that the majority of issuers will notify the big three credit reporting agencies and you’ll end up with one or two negative marks against your credit score. Though those marks will remain for approximately seven years, the best thing is that you can start to rebuild your credit immediately. Just be sure to make all your minimum payments right on time.
Crizza Reyes
Crizza is currently writing for many women’s websites and journals about issues regarding women. For more information about credit cards and high debt please see more at our web site or on Amazon.