Lessons from a Loan Shark
You have to pass a test to drive, but there are no courses to provide you with the financial route in life. And sadly, financial collision is difficult to recover from. It leaves trend marks for 7 years or longer. The key to remember ~ credit is a loan. It's not free money. Let’s call it by the real name, it’s not a Credit Card, it’s a Debt Card. Sort of makes the pill a little harder to swallow, doesn’t it? Some hard facts: The credit card industry earned $1,200,000,000,000 last year. That is $ 1.2 TRILLION in profits. 14.8 BILLION of it came from late fees. Did you know that the company can raise your interest rate if you’ve made a late payment on any of your other cards, including those issued by other companies – it’s called the Universal Default Clause. You also have to be careful of the unused credit cards! I was sent a notice that if the credit card did not get a minimum of $ 1.25 per month in interest that they would charge my account that amount each month! I’m talking abo...