The 5 Reasons You Need to Get Rid of Your Credit Card Debt
1.
Credit companies often just need 15 days to change their terms and conditions We all expect that our interest rates will rise and fall a little with the markets over the course of our credit and that's fine.
However not many people know that the credit companies can actually increase their rates drastically at any time by giving only 15 days notice.
The same is true of late fees and penalties and what is worse they don't need to provide any reason at all! 2.
Missing a payment can increase the cost what you bought months ago If you miss any payments the credit company can charge you a late fee and on top of that increase the interest rate from a manageable 5 or 6% up to a whopping 29.
9% or even higher.
This can mean that a purchase that seemed affordable at the time is actually plunging you into debt 3.
Special terms can be revoked for even minor omissions When you sign up for a card there are a whole host of benefits offered to you but be aware that all of these can be taken away if you miss just one payment.
So if you want to keep those special rates don't be late! 4.
Your credit card interest rate is affected by all other credit The rate you're charged by your credit card company is related to your credit score so if you miss a payment on your mortgage, or that loan you took out for your car this can have a knock on effect and push your credit card interest rates sky high.
5.
Credit card companies are trying to make a profit Credit card companies make the majority of their profits from people missing payments and having to pay late fees so simply don't give them the opportunity! Keep up your payments and stay in the black!
Credit companies often just need 15 days to change their terms and conditions We all expect that our interest rates will rise and fall a little with the markets over the course of our credit and that's fine.
However not many people know that the credit companies can actually increase their rates drastically at any time by giving only 15 days notice.
The same is true of late fees and penalties and what is worse they don't need to provide any reason at all! 2.
Missing a payment can increase the cost what you bought months ago If you miss any payments the credit company can charge you a late fee and on top of that increase the interest rate from a manageable 5 or 6% up to a whopping 29.
9% or even higher.
This can mean that a purchase that seemed affordable at the time is actually plunging you into debt 3.
Special terms can be revoked for even minor omissions When you sign up for a card there are a whole host of benefits offered to you but be aware that all of these can be taken away if you miss just one payment.
So if you want to keep those special rates don't be late! 4.
Your credit card interest rate is affected by all other credit The rate you're charged by your credit card company is related to your credit score so if you miss a payment on your mortgage, or that loan you took out for your car this can have a knock on effect and push your credit card interest rates sky high.
5.
Credit card companies are trying to make a profit Credit card companies make the majority of their profits from people missing payments and having to pay late fees so simply don't give them the opportunity! Keep up your payments and stay in the black!
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