Even if they have insurance, many people are plodding along, paying and paying high interest and the other penalty fees and being held hostage because they are unable to pay the balance of their accounts.
CC co’s are making BIG $$$ when they charge these loan shark fees and then add compound interest and keep you in a debtors prison until you can pay the balance. .
They aren’t making money from those who pay their balances off every month. In fact, insiders say some of these CC co’s refer to those people as “Deadbeats”
What is really sickening to me is a person can have their interest raised because they are considered a high risk. Then the co turns around in a month or so, and raise the persons spending limit! I know this from experience!
If they were concerned about a person being a high risk . they would not be offering more credit. That’s why I am sure bad credit loans with guaranteed approval are a much better alternative to high interest rate CCs.
I really don’t see that the subject is so off-topic for the blog. Debt and finances are such a broad range, and carry a lot of feelings, opinions and emotion.
And, you know, I agree with you that we should attempt to control our situation. The reason, in fact, I’m on the board and/or other boards is exactly that. I learned a hard, hard lesson about financial security by my experiences. Although my circumstance was out of my ablility to control, the experience catapulted me into a new awareness of the power of financial security and/or the lack of it. I sometimes feel like Scarlett O’Hara, shouting “As God is my witness, I’ll never go hungry again!”. From the day I faced BK, I vowed to never allow catasrophe to catch me unprepared again.