Get SOLUTIONS to Cutting Your Credit Card Debt RIGHT NOW! (Without Bankruptcy). SEE BELOW and sign up for FREE!
CONSUMER DEBT
Many folks, such as you and I, are well aware of the most common form of consumer debt: Credit Cards!
The point in noting “consumer debt” is because it’s the easiest and most expensive debt that you and I can incur.
Further, for the point of this article, consumer debt is differentiated from “secured loans,” such as your car and mortgage.
CREDIT CARD INTEREST
The primary reason that credit cards are so expensive is because of the associated interest rate on the balance that you owe above and beyond what you pay at the end of the month. (Although there are plenty of associated fees to make your payments even higher).
Even if you may have started your credit card relationship with a low-interest “introductory special” (in some cases, zero interest for several months), you probably already know your interest has significantly increased.
Interest rates can vary due to a number of factors, including:
- The general economic climate
- The credit card company’s perception of your ability to repay them
- Competitive pressures from credit card lenders (keep in mind that credit card companies are not in business to do you a favor, they are in business to charge you high interest).
Interest rates can vary greatly, and can increase well into double figures.
PREDATORY LENDING
Credit card use is thoroughly integrated into societies around the globe, and constitutes BIG business for the lenders. But those double-digit interest rates are economically oppressive to the end-users and it could be argued that the credit card industry is the world’s largest source of “predatory lending.”
Here is what the American Heritage Dictionary says about PREDATORY:
- Of, relating to, or characterized by plundering, pillaging, or marauding.
- Living by or given to exploiting or destroying others for one’s own gain.
Any way you look at it, credit card companies are NOT friends to you and I.
SOLUTIONS TO CREDIT CARD DEBT
Although credit card users (you and I), need to demonstrate greater responsibility in the use of credit cards, so as to avoid becoming abused by predatory interest rates, if you have already reached the point of feeling you are a slave to any of your credit card companies, then you need solutions today.
You CAN get get back in control of your credit card debt, and it sure doesn’t require bankruptcy. Enter your name and email below (it’s FREE) to learn the truth about debt and the SOLUTIONS to eliminating financial stress and becoming debt free.