Eliminate Credit Card Debt

The Secret Code:

Most people feel secure with the notion that the credit cards they have with excellent rates and benefits are locked in for the life of the card. Sadly this is not usually the case. Many credit card companies do extend favorable offers to get your business, such as 0% APR on balance transfers, or low 3.9% APR on purchases. Numbers that sound too good tobe true, often are. When a credit card company uses the term “Fixed Interest Rate” - it means that they must give you 15 days written notice before they raise it.

Depending on the stipulations of the card the lender can raise your rates for a variety of reasons that aren’t necessarily directly related to the lender, including:

-Overpayment. Sending more than your monthly minimum can often be a reason for credit card companies to raise interest rates.

-Having your payment arrive late (even if it is after the cut off time on the same day it is due). In many cases Credit Card companies will change their mailing address so that sending it to the old address wouldmake it arrive late.

-Falling behind on other credit cards. Credit card companies are constantly pulling your credit, to see if you have any indicators of struggle. Once they see that you might be a risk, they raise your rates.

-Falling behind on non-credit card accounts. Even falling a little late with your mortgage, car loan, student loan, can have a dramatic impact on the other credit card accounts.

-Introductory rates only last as long as you stick to the terms of the credit card, whether it be making 2 purchases a month, making balance transfers semi-annually, etc.

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