Beware of creeping credit card rates

Credit cards are a financial tool like any other. When used properly and correctly, cards with those familiar logos on them can be very helpful. But like any tool, if mishandled they can be disastrous. You wouldn’t use a hammer when the directions called for a screwdriver, would you?

Credit card rule number one: be aware of the interest rate charged by the provider. If you plan on paying it off right away, fine. Running up credit card debt and carrying those amounts from month to month can be like trying to dig your way out of quicksand. You get a sinking feeling that you aren’t moving in the right direction as you find yourself eye level with the dirt.

Recently, some card holders were told about serious rate increase from one well known institution. Some had their rates double to 28%. When they inquired about this huge change, most got no clear answers. To read the rest of the article and find out which company was making this huge increase, click here.

 Please pay attention to the rates you are being charged on your card balances. This can be serious financial burdens if you aren’t careful. Do you know what rates your cards are carrying?

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