Creditcards are your ticket to bankruptcy. Creditcards come with agreements that even attorneys have difficulty understanding. If you are smart, you will cut up, burn, mutilate all your creditcards. This blog is about Creditcards, debt, and money. You gotta get mad about the abuse! I thougt creditcards were useful financial tools until I learned about the creditcards secret usage policies allowing them to charge my account without my permission. Now I have a better way to manage money.
Friday, May 05, 2006
Credit Card Companies Target The Bankrupt
According to a report from Los Angeles NBC Channel 4, credit card companies are sending credit card offers to those who have filed bankruptcy. This just goes to tshow you that they want to find people who will default. As mentioned in previous posts, they make 75% of their profit from people who default. That is probably why they pull tricks like creep the due dates on accounts so that people who don't pay attention, assume it is due the same time every month and get caught with a late payment. That late payment defaults you on the agreement and your interest rate goes up, you get high late fees, your miles are cancelled, and you lose any premiums you might be getting. This is nothing short of predatory loan sharking. Why is it legal?
No comments:
Post a Comment