Things You Might Not Know About Credit Cards & Debt Relief

By: Cliff Matthew

A Legal Thief ?

When you get your monthly credit card statement, do you ever look to see what the interest rate is that they are charging you? I received a statement one time and noticed that the interest rate had changed, they raised it to 24.9 interest that month.

Here you have a credit card company that can get away with jacking your interest rate up at will, takes money out of your pocket and there's nothing you can do about it. Imagine how many times a year they do this to people and get away with it. Think about how many people that don't catch it on their statement. It's easy to overlook because in your mind you assume that the interest rate given to you when you received the card stays the same as long as you make the payments on time. Generally you just look at the purchases and the amounts to make sure everythings in order.

Credit card companies that do this to unsuspecting consumers make tons of money. Imagine your balance is $1000.00, and they raise your interest rate up to where you are paying an extra 1. I know this is going to sound crazy, but if your total debt is not off the charts, I would look to finding a credit card company that is offering a 0 and come up with a monthly payment that is within your budget. They will take that monthly payment and disburse it to all your creditors. The place I dealt with was a non-profit organization. Their fee was very small and they were great to deal with.

Being in debt over your head is no picnic. It can cause both mental and physical health problems such as stress, panic attacks, anxiety, depression, a nervous breakdown and so on. It could also destroy your family as well as your life. Do yourself a favor and don't let it get to far. There are so many options out there. Start by calling your creditors, most of them are willing to help. Most of them will give you a 0 interest rate for up to a year if you fall into hardship. Don't ever try to avoid them, it will only make matters worse. Keeping in constant contact with them as far as giving them updates on your situation, this will give you credibility and they also keep a record of your contacts with them. Be nice to them no matter what, it's not their fault you are in debt. They want to work with people that are willing to try to establish a plan to clear up their debt.

When you do get debt free, open a savings account if you don't have one and start putting some money away. Before you know it you'll have a nice stash put away for your needs and you won't have to rely on credit cards. Think of all the money you'll save by not paying interest on those credit cards. I haven't had a credit card in over 6 years and never had the need for one. We can live without them. What you can do to be prepared for those larger expenses like water heaters, air conditioners, heating systems, car repairs or a new car, a new roof, etc., etc., to know the life expectancy of these items. Take for instance, a water heater usually has a life span of 5-6 years, be prepared with some savings so that when it does go it won't pose a burden on you. Then you can draw on your savings, pay for it in full, no bills, no interest, done deal.

I posted a link in my bio where you can find different companies that will help you deal with your situation, use them if you can. The only thing you can lose by looking into them is your debt. Thank You and I hope you find relief.

Thank You and I hope you find relief.

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