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Credit Card Traps They Don't Want You To Know About!

By
Mortgage and Lending with Dan Dowling - United Mortgage Capital Corp.

Credit Card Traps!  

"The ticking time bomb to your finances"

Trap #1 
"The Due Date Clause"
 
   Ever notice, on your credit cards, that your payment due date changes every single month? It is to confuse you so you make the payment late so they can slap you with penalties!!!  

Trap #2 
"The Failure To Comply Clause" 

   Just for being one day late. Did you know your credit card lenders can  jack up your interest rates as high as 29% overnight?   Just because they can. 
    Or... if they decide you are not as 'credit worthy' -- even for borrowing against other cards more than they think you should! It's a damned evil scam to knock you down at your most vulnerable moment!  It happened to me! For being 5 days late!

Trap #3 
"The Universal Default Clause" 

   This evil "weasel clause" says that if you are ever late on one credit card, they consider you late on all credit cards - and they will automatically raise your interest rate to the maximum, legal, back breaking limit! -- some as high as 33.9%!!!  

    This deadly combination of traps mean that if you ever stumble, your payments could triple overnight! At a time when you need the lowest payments the most.

    It's all part of the planned failure of the American borrower. These beady-eyed bean counters have plotted our destruction from day one.

    I'll get you away from these monsters and get that money back where it belongs -- with you and your family.

If you want to learn more about how to get out of debt, you can go here: www.frombillstofreedom.com

All the best,

Dan Dowling

Copyright 2007

Comments(5)

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Highland Beach Condos David Serle
RE/MAX Services - Highland Beach, FL
Boca Raton Agent David Serle
This has happened to probably all of us.  It is ridiculous that credit card companies are not held to a higher standard
Jun 15, 2007 02:33 PM
Silvia Dukes PA, Broker Associate, CRS, CIPS, SRES
Tropic Shores Realty - Ich spreche Deutsch! - Spring Hill, FL
Florida Waterfront and Country Club Living
Wicked!  I use my cards so I don't have to write checks or keep books for using debit cards, but I always pay off the entire balance. I guess, I'm just not the credit company's best customer!
Jun 15, 2007 02:47 PM
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
I had no idea that these traps existed.  It would seem to me that we should contact our congressmen and ask them to look into this!  The credit card companies are out of control.  I think it is high time that they are regulated.  I am goad that you have brought this to our attention.  Do you know if anything is being done about this situation?
Jun 15, 2007 02:54 PM
Esko Kiuru
Bethesda, MD

Dan,

Unfortunately some credit card companies have become real suckers. And the laws allow it, too. What can also happen is that even if your payment is on time, they on purpose hold posting it to your account until it's officially late and then slap you with penalties. You have to call them and raise a stink and they'll remove the penalties. But you have to challenge them.

Jun 15, 2007 03:40 PM
Dan Dowling
Dan Dowling - United Mortgage Capital Corp. - Altamonte Springs, FL

Hey all:

It's a dirty shame what these folks get away with. Imagine you're down on your luck and they all circle around like vultures. It's a sin that you're late on one card, and the OTHER cards you carry can jack your rate through the roof. It's a devious plot to screw the average American.

Love your comments,

Dan Dowling

Jun 15, 2007 11:45 PM