Wednesday, September 29, 2010
Reliable Student Credit Cards Company
Saturday, September 25, 2010
Student Credit Cards İnformation
Tuesday, September 21, 2010
Credit Card Help can be Risky
If you need credit card help, you’re far from alone. Credit card companies have sent their average interest rates soaring, perhaps in response to the federal government’s recently passed Credit CARD Act. Some financial observers wondered whether the government’s new credit card restrictions, meant to protect consumers, would cause banks and other financial institutions to raise the rates on their credit cards.
So far, at least, it looks like they have, and that can mean a growing number of consumers who need help with credit cards and the credit card debt that they are carrying. Soon, they may also need help rebuilding credit.
In tough economic times, as these are, consumers are more likely to put more purchases on their credit cards. Consumers who have lost their jobs or have seen their annual incomes plummet thanks to budget cuts may not have enough money to pay off all their credit card debt each month. With average interest rates on these cards continuing to climb, that can send consumer credit card debt spiraling out of control.
According to the credit card information site Index Credit Cards, the average interest rate on a consumer credit card stood at 16.85 percent in the middle of July. This is the highest this number has reached since Index Credit Cards began monitoring card interest rates five years ago.
It’s more important than ever for consumers to eliminate their credit card debt. At interest rates over 16 percent, that debt can grow quickly. Consumers with thousands of dollars of credit card debt may find themselves staring at years of high-interest-rate payments.
There are plenty of agencies out there promising credit card help. They boast that they can help consumers eliminate all or part of their credit card debt, for a sizable fee, of course.
Some of these companies can make good on their promises. Unfortunately, many can’t. That’s why it’s so important for consumers to protect themselves before working with any private company that promises help with credit cards.
Consumers should make sure to never work with one of these companies if it charges upfront fees. They should also make sure to ask for all their fees in writing before agreeing to work with one of these companies. Finally, consumers need to check with their local branch of the Better Business Bureau to make sure that the companies they are considering don’t have an inordinate number of complaints filed against them.
Consumers, though, can also tackle their credit card bills on their own. This means setting aside a set amount of money each month to pay down their credit card debt. It also means that consumers should only purchase products that they can pay for with cash.