Due Dates & Late Fees, Oh My!
June 9th 2008 13:44
Credit card companies are notorious for frequently changing things on us poor, unsuspecting consumers. Little things like our due date changing each month can get us out of whack so we end up making a late payment and get charged a HUGE late fee. It is poor customer service on their part, but what do they care? We, as consumers, keep coming back for more. We get so deep in debt that many get to a point where they cannot live without their credit cards.
Survival with credit cards is an ugly truth for too many people, especially those that got hit in this current market due to an adjustable rate mortgage that adjusted or an interest-only loan that started charging all of the additional costs at a higher interest rate. When your monthly expenses suddenly rise so dramatically that you can’t afford to pay more than a partial amount, you may be turning to the outstretched arms of those credit card companies for comfort.
It really is a bad idea to go down that road. Avoid it at all costs. Find a way to sell your home and move to something less expensive. Your other choices are to find a way to make more money or find another way to reduce your expenses. Turning to credit cards may seem like a great idea initially, but once those bills start coming, you will quickly regret that decision.
Suddenly, you will find yourself unable to make those minimum payments. You may miss a payment. Then the fees starting adding up -- late fees, over-the-limit fees, whatever-else-they-can-think- of fees. It is a never ending cycle.
Survival with credit cards is an ugly truth for too many people, especially those that got hit in this current market due to an adjustable rate mortgage that adjusted or an interest-only loan that started charging all of the additional costs at a higher interest rate. When your monthly expenses suddenly rise so dramatically that you can’t afford to pay more than a partial amount, you may be turning to the outstretched arms of those credit card companies for comfort.
It really is a bad idea to go down that road. Avoid it at all costs. Find a way to sell your home and move to something less expensive. Your other choices are to find a way to make more money or find another way to reduce your expenses. Turning to credit cards may seem like a great idea initially, but once those bills start coming, you will quickly regret that decision.
Suddenly, you will find yourself unable to make those minimum payments. You may miss a payment. Then the fees starting adding up -- late fees, over-the-limit fees, whatever-else-they-can-think- of fees. It is a never ending cycle.
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