I highly recommend going to this web site and watching this PBS Frontline Special Report, THE SECRET HISTORY OF THE CREDIT CARD http://www.pbs.org/wgbh/pages/frontline/shows/credit/..
It is a hard hitting, Emmy Award winning investigative documentary about credit cards.
It’s in this show that the issue of the Credit Card contract comes up. Guess what, a Harvard Law professor that specializes in Contract Law can’t figure out your credit card contract.
There’s a clause in it that is called the Universal Default Clause and this says that if you are late on any payment with any one of your creditors, credit card companies have the right to raise your interest rate even though you weren’t late with them!
See, there’s this really interesting idea that if a company puts in their contract ALL the things they could do, even if you can’t read it because none of it is understandable by the average guy, they can go ahead and enforce that part of the contract.
In other words, if it is written in the contract, they can do it!
Crazy, but true.
So, let’s face the truth, no matter what your credit card companies say to you, they are in it for themselves only! You aren’t living a better life by getting credit cards and charging them up. The only ones who win are the credit card companies! In the end, if you make minimum payments to your credit cards, you will be in debt for 20 to 30+ years and will end up paying 3 to 4 times what you originally borrowed.
How, you might ask yourself, is that beneficial for you? How does that give you a better life?
Even if you borrow and pay back your debt immediately, you should watch the PBS Special Report. It will, to put it mildly and unless you work for a credit card company, blow your mind.