Having a not so perfect credit rating is a problem faced by some people who are not aware of the bills or payments that they have to pay. Most of the time people who have bad credit ratings have a hard to time to acquire loans and credit cards but fortunately today there are loans and credit cards made especially for those who have a not so perfect credit rating. This type loans are called bad credit loans that can be obtained by people who have a bad credit rating. These types of loans are commonly short-termed and though they have interest they are able to improve your current credit rating.
On the other hand bad credit credit cards, are credit cards that are also able to improve current credit rating and can earn you reward points each time you use them, but often times it is really not so advantageous to use for they have high interest rates and though some credit card companies offer bad credit credit cards that have low interest rates, I suggest that you may want to compare credit cards online, to see the difference on their interest rates, rewards and introductory APR for you to have the best deals.
We all get it in the mail, 0% interest on credit balances, 0% interest for 6 months, but have you ever read the fine print. Being in business for over 27 years, there is no doubt that at times we have had to use other peoples money along the way, but after learning about this, well it makes you think twice.
I’m sure you have heard the old adage, if it looks too good to be true, then it probably is. Well here is a case in point when it comes to these too good to pass up offers from the credit card companies.
You know I never realized what games the credit card companies play with consumers until I recently had the opportunity to attend a class about debt free living. Not that my credit is in bad shape, but I’m always searching for new ideas.
Something that was brought up in my class was these great 0% deals that the credit card companies barrage us with on the television and in the mail. Sure if you are in a bit of a snag and you need some reprieve from the high interest rate cards, then 0% interest may be just what you need in the short term to get you back on track. But have you ever read the fine print under the terms and conditions of these offers?
Somewhere in the fine print under the terms and conditions you will see that they mention that the 0% interest will terminate immediately if you have any late payments. Now that certainly doesn’t seem like that would be a problem. Make the payments on time, get the 0% interest for 6 months or so. No big deal, right? But did you know that when they refer to making a late payment that they are not just referring to this particular offer but but your complete credit report history?
This sure was enlightening news to me. In fact when you apply and agree to the terms for 0%, you are not only agreeing to pay this particular credit card on time, but every other payment or bill you might have. Regardless of whether it’s a car loan or a utility bill. They frequent your credit report, and if any payments of any type are late, they have the right, without notice to you to end the 0% interest offer, and raise your monthly interest rate.
This also gives them the opportunity to raise the interest rate over 25% if they wish, as they can now claim that you are a credit risk as well.
I knew that the credit card companies were pretty much ruthless, but this drove the point home for me. If their was one thing I got out of that one class about debt free living was, the credit card companies continue to be extremely creative in ways to get more of your hard earned dollars.
By Mark Boehm
Bienvenu! Wonder how a French woman thinks and writes? Well, no need to wonder anymore. It was perceived that French women are all about fragrances, amazing clothes, fashion and beauty. Yes, we are known for all of those things, but we are also interested in some other stuff. Here is a blog that shows ideas and articles from a French woman’s point of view. Hope you’ll enjoy reading! Merci!