5 Things Credit Card Companies keep quiet about



Your credit card company keeps quiet about the following:

  1. Minimum Payments - If you only make the minimum payment appearing on your credit card statement, then on an average balance of $4,000 each month, it will take you over 40 years to repay the balance. It means there is no real time set down for you to pay the debt back.

    It’s an open-ended type system and it is in the interest of your credit card company to let you pay only the minimum amount, because they get high interest on the outstanding amount month by month.

    It is in their interest that you are in debt, because this is their business. Once you pay back your debt, they no longer have an income. Most credit card companies will let you pay off your credit card balance forever if you let them.

    In fact, a lot of credit card companies do not like you to have your credit card at a nil balance from month to month because it slashes their income considerably.

  2. Just Keeps Going - When you take out a normal loan it is usually for a particular term and therefore your repayments are geared to clear the loan by the en...

    Membership required (FREE)

    The rest of this article is freely available to StartRunGrow members.
    Not a member? Join Here - Its FREE!






Article Vault

Back to Menu