Credit card companies are flooding us with card solicitations
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oncampus marketers to apply for credit cards. Accident Ahead:. 10 Credit Card. Traps. 1. More Late Fees. Credit card companies are reaping more profit from ...
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Credit card companies are flooding us with card solicitations Page 1Credit card companies are flooding us with card solicitations deceiving us with misleading offer terms and gouging us with higherthanever fees. As a result consumers are sinking further into highcost credit card debt.What should you be on the lookout for? How can you avoid being ripped off? A Road Map toAvoiding Credit Card Hazardswww.truthaboutcredit.orgPage 2A Road Map to Avoiding Credit Card HazardsAs credit card companies intensify their marketing campaigns to boost profits more and more glossy credit card offers are coming at us fast and furious. The average household receives eight credit card offers each month and students who often have no regular income are encouraged several times a week by posters flyers and oncampus marketers to apply for credit cards.Accident Ahead: 10 Credit CardTraps1. More Late FeesCredit card companies are reaping more profit fromlate fee income than ever before for three reasons: (1)the average late fee more than doubled between 1992and 2000 from $12.53 to $27.61 (2) companies havedecreased the amount of time between when they maila bill and when payment is due and (3) nearly twothirds of companies have eliminated leniency periods(the time after a payment's due date before a late fee isassessed).At the same time credit card companies are charging interest rates as high as 40% per year.Consumers are subject to a host of unfair and deceptive terms and conditions saddled with enormousfees and encouraged by credit card companies tomake low minimum payments so that the companiescan earn more money in the form of interest. As aresult the average credit card debt for Americans whocarry balances reached an alltime high of $5610 in2000 an increase of onethird since 1995.As consumers struggle credit card companiessuch as Providian and First USA are making biggerprofits than ever. Between 1995 and 1999 thanks inpart to aggressive marketing an ...
Source: www.truthaboutcredit.org
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