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Is Credit Treacherous? Top News about Credit Cards!
2007-04-16 07:19:21

Best credit card deal - the first and the last?

What's the plague on America at present? Maybe we shouldn't bring it to some single notion as there are quite a bunch of problems, social and economical, in the country. But today the credit issue is acquiring a leading role in the nation's misfortunes. No doubt, best credit card deals, offered by big money lenders help people manage their finances more properly and raise the quality of life on the whole... but everything has its seamy side...

We will talk about the worst that may come out of making a credit card deal no matter how winning it might seem at first sight. Low rate, no annual fee credit cards and rewards credit card offers are no doubt irresistible credit card offers but the price for defaulting on them may be much greater than the appeal.

We will talk about suicide as the worst and the most terrifying outcome of improper or inefficient credit card management. The most absurd thing about the increase of suicide cases is that it's been caused by the mere credit illiteracy and lack of fundamental knowledge. And the most deplorable thing about it is that it's primarily young people, who have just started their credit history, who undertake such a desperate and fateful step.

Once at college, young people are just getting snowed under numerous credit card offers for students which promise to cut down expenses on entertainment and associated with student life purchases. They do. But what they require in return is very often beyond the capacity of young and frequently financially dependent credit consumers.

We've received e-mails from a number of families who have gone through the loss of children. Being unable to cope with the growing penalty late fees and interest rates, they saw no way out but committing suicide and so relieving themselves from the unbearable burden.

We do not mean and certainly we do not insist that credit card debt is insuperable and you can kill it in no other way than killing yourself. In fact, it's nonsense! But try to convince young inexperienced people with unsteady psyche of that... Most likely, unless you are an old-time psychiatrist, you'll fail...

Now, the issue has caused a great heat in Congress and the debates are bringing their first results, though more in the form of promises yet. But at least something, apart from just releasing educational films and publishing books, is being done.

The common practices of credit card companies to punish you for irresponsibility and to compensate for a possible money loss have been charging interest on partly paid balances, late and over-the-credit-limit fees. The Senate hearings seem to have brought good and some larger credit card companies, such as Chase Bank and Citibank, promise to eliminate some of their practices. Thus, if you've been chronically exceeding the credit limit on your card for 90 days, Chase will not impose over-the-credit-limit fee as a penalty and it will be at least a little easier for customers to cope with debt. Young people experiencing credit problems should by all means be informed of such a grant on the part of the big lender!

In case you child is so self -assured or ill-informed as to take two and more credit cards on which he then runs late payments or goes over the credit limit, Citibank refuses from its practice of "universal default". Lots of poor credit consumers, displaying improper credit management have known the time when a creditor boosts interest rates on a card if they fail or are just late to pay the other creditors on time.

"Universal default" has been especially offensive and, from the point of view of many, unfair on the part of a creditor. The practice has also played a significant role for bankruptcy cases and the rise of suicide numbers.

As we hear the promises from the companies, we call them for action: are the lives of our children, the future of our Motherland worth of your mean earning for profit?

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