Credit card companies take advantage of us

Credit card companies love it when we only pay the minimum balance as much as banks love it when we over draft. It is a billion dollar industry. The more we keep making these little mistakes the more these companies make money off of us. Now in these hard times is when we can see that America really is trying to help its fellow people. The government did sit down and had a talk with credit card providers about billing. They passed a legislation that states that all credit card companies must give add 15 days to your billing cycle. In doing this I’m not to sure if this is the right move for our economy or our people, will this help us on our road to debt elimination or will this cripple us even more.

Credit card companies are now going to give those 15 days although it’s not a law. In exchange for the 15 extra days the credit card companies will be able to raise your interest rate to the highest possible which is 28.99%. If your credit card balance gets over 50% of your credit limit. It is most likely that if you get over 50% of your credit limit that you will never pay off the entire balance. Not only can they raise your interest that high they do not have to tell you when they do raise it. It is highly ridiculous that creditors can do this to us without even the slightest hint. As it is we already give credit card companies too much power and now when we thought we were taking power back they can rip out the carpet right from underneath us.

It’s so easy to just spend without a thought and we forget that we could lose our jobs tomorrow. Instead of spending crazily like we have been lets take a step back and think about what we can do to solve our debt problems. Debt consolidation is a possible to solve some of your debt or lump all your debt into one smaller payment or a payment with a lower interest rate. Debt consolidation is when you take out a loan to pay off either another loan or loans and make it all one payment. This might not be the best move for someone who is very deep in the whole but when speaking to a debt settlement company they will figure out what is best for you. They understand that it is hard to share your spending history and story because it is such a private manner but they assure you that they’re here to provide for you and all those who need it debt relief services so you no longer have to stress over creditors harassing you and taking advantage of you. They work with you to help you solve the problem.