Mad About Debt

Credit card debt is an epidemic, a virus, and can drive people to madness, depression, anxiety or insanity. What does it all mean? Debt consolidation, debt reduction, debt elimination, debt management, debt settlement.... So many options to get rid of credit card debt.

Sunday, September 10, 2006

Any Credit Card can be BIG Trouble


If you have a Visa or Mastercard, American Express or a Discover card, you could be headed for potential trouble. Big trouble.

Whether you have a low rate from Capital One, or a large balance on Chase, you are either in debt or have great potential. Your introductory rate that Citibank offered you is not really that ATTRACTIVE if you consider the damage it could do.

Get rid of them if you know you might use them often. Get rid of them if you think that they are the ticket to furnishing your house.

Your rate may be low, but one missed payment by just hours may send your rate right up there. There is more fine print in a credit card agreement than most legal documents I have signed.

This is what the fine print says:

We will take advantage of every mistake you make and then gladly send you into debt consolidation, debt settlement or bankruptcy if we need to.

Brutal but true.

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