Banks Love ‘Late Payment’ Credit Card Holders October 10, 2007
Posted by Vedis in : Credit Cards , trackbackBanks love us making ‘late payment‘ mistake. It’s the classic debt trap for millions of credit card holders, and the banks are living off our mistakes.
Late fees, over-limit charges and triggered hikes in interest rates are debt traps for us.
Watch out for mails from banks that offer: rates “may increase … if we do not receive the minimum payment due … or you exceed your credit line.” Late payments can trigger default rates as high as 30 percent.
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