Every week, countless Americans wake up and find themselves in the midst of a cleverly laid financial trap called credit card debt. It happens so subtly, most people never see it coming; that is until it’s too late. The next thing they know, they’re receiving scary debt collection letters and calls from gung-ho debt collectors, threatening to freeze their bank accounts, garnish their wages and otherwise take them to debtor’s court. For some people, the pressure from the credit card debt becomes unbearable; forcing them to consider amongst other things, bankruptcy. No matter where you are in terms of credit cards and debt, you had better learn the credit card debt traps and most importantly, don’t get caught in them.
The Minimum Payment Trap
Some people observe the minimum payment on their credit card statement and view it as a Godsend. Nothing is further from the truth! If you fall into the option of the minimum payment trap, in some cases it could take you nearly thirty years to pay off a credit card. Let’s say that your balance is $7500.00 with a 19.21% interest rate and you are making a monthly payment of $121.00. It would take you approximately 24 years to pay off that credit card. If that’s not a trap, I don’t know what is.
The Ridiculous Fee Trap
Ever taken the credit card debt trap test? This is a test I devised to help people comprehend what they were signing up for when they got approved for and accepted virtually any credit card. Part of that test quizzes you on the fees credit card companies charge you. Most people don’t learn about these fees until after they are hit with them. But it is vital to note: all credit card companies have these fees; read the very fine small print in your disclosure and you’ll find them carefully hidden in there. These companies literally rake in billions of dollars every year on outrageous fees and surcharges.
Annual Fees: $19.00 to $75.00 and up
Identity Theft Prevention Programs: $7.95 and up per month
Quick Card Fees: $15.00 to $20.00 per incident
Front End Finance Charges: $5.00 to $100.00′s per year
Late Charge Fees: $19.00 to $39.00 per incident
Membership Fees: $10.00 to $79.00 and up per year
Ongoing Interest Charges: $100.00′s to $1,000.00′s per year
Over The Limit Charges: $10.00 to $59.00 per incident
Pay By Phone Charges: $5.00 to $19.00 per payment
Payment Protection Programs: $29.00 to $100.00′s monthly
Return Check Fees: $29.00 to $39.00 per check
Check Account Balance Fees: $4.95 to $6.98
Customer Service Fees Per Incident: $4.95 to $9.95 and up
There are other sneaky small credit card debt traps companies use to keep consumers indebted to them such as: the Increasing Interest Trap, The Late Payment Trap and of course, the huge one the snags literally everyone, The Teaser Rate Trap. The most vital thing to do before you accept ANY credit card is to read the very small fine print. I realize that it’s written in hard to know; dull, laborious legalese language, but you had better know what you are getting into from jump street. Also, when they send you those account change notices in the mail, don’t discard them, read them from start to end! Oftentimes, they quietly slip new fees and additional charges and increased interest rates in those mailers, so be on the lookout.
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