Beware Credit Card Users–It Is All In The Fine Print
Not reading the fine print of the credit cards you use is a sure invitation to have your blood sucked. Now a days millions of people are using credit cards to make purchases. If you pay for anything with a credit card, then beware that the 9% interest rate you thought you were locked into could actually go as high as 30%, and you might not know it until you get slapped with the bill-retroactively.
“Penalty interest rate” and “universal default” are provisions included by banks in their credit card offers which they claim are necessary to offset risks. These provisions are legal as long as issuers can say they warned you. The rates and fees in these provisions are all out of proportion to the risks. Issuers have used better ways in the past to protect themselves. For example, they used to cut customers off after they hit their credit limits, which I think was a good thing for the user.
Now they let you keep spending so they can charge you over-limit fees (as much as $29 per billing period) and permanently higher rates. This can be devastating for the budget of many users. So...
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