The Money Expert Exposes What Credit Card Companies Encourage Consumers To Do - And Why They Should Not Follow

May 24, 2013 (PRLEAP.COM) Business News
The Money Expert warns their readers about certain truths regarding offers and instructions from credit card companies. The article released on May 13 is titled "Things That Credit Card Companies Tell You That You Should Not Follow" begins by stating how these companies are "in it for the business."

The site opens the previous week with an important message aimed at credit card holders. It is also applicable for those who are just planning to get a credit card. The timeliness of this article is just right as credit card debt still ranks high in the list of financial problems that the average consumer is battling with.

"Things That Credit Card Companies Tell You That You Should Not Follow" enumerates three important truths that consumers should be wary of. These, when dealt with incorrectly could result to a mounting debt that can prove to be very hard to get out of.

The first truth that the article exposes is all about minimum payments. This is the amount that is written on the monthly credit card statement. If the consumer pays at least this amount, the creditor will not deem them as a delinquent payer. While there is nothing wrong with that, the article encourages the readers to always pay more than the minimum. Sticking to it and not paying more will keep the consumer in debt for a very long time. The article said that, "creditors want that because the longer you stay in debt, the more interest you will end up paying for. That means more profit for them."

The second warning is against offers for a higher credit limit. The article states that consumers usually "have the tendency to max out our cards without really thinking about how much we can really afford." Because of this observation, the author of the article encourages readers to simply say no when they are offered a higher limit.

The article "Things That Credit Card Companies Tell You That You Should Not Follow" shares the last truth that consumers should be careful with: interest rates. Debt incurred from credit cards have one of the highest interest. Not only that, it is not consistent. It changes over time and it can go really high. It may seem complicated but consumers are encouraged by the article to understand what it is all about. Otherwise, they could miss out on savings and end up wasting their limited resources on interest payments alone.

With these truths exposed, the blog site wishes to educate consumers so they will not fall prey to popular misconceptions about credit card use.

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The Money Expert is a blog site that publishes 2 articles every week. The topics include debt, debt relief, personal finance and financial management. Read through more than 80 articles about all of these topics.