Saw this article and had to share with you. – Justin Flores
(ARA lifestyle) – If you have a lot of credit card debt, you may believe you will never be able to pay it off. Credit card companies want to keep you in debt because they make more money that way, and with the passage of new federal legislation they are looking for new ways to charge you more.
1. There is now no cap on interest rates. With the passage of the Credit CARD Act of 2009 creditors can now raise interest rates as high as they want. Some credit cards have already risen to a staggering 59.9 percent APR.
2. Creditors can cut your lifeline at any moment. Credit card companies can abruptly decide to close your account or critically lower your credit limit without warning, which may leave you helpless toward covering everyday expenses like groceries. They may even alter your agreement so your full balance begins being due at the end of the month instead of letting you carry over the balance month to month.
3. Creditors want you to fear them. Banks have teams of lawyers working on their behalf, and it is very intimidating to try to stand up against them. They don’t want you to know about certified debt negotiators, like Preferred Financial Services, who have had enormous success at negotiating and removing debt for thousands of Americans by putting a stop to outrageous interest charges and substantially reducing the amount you owe. Go to PFSDebtRelief.com to get a free, no-obligation quote, and find out how much you could start saving today.
4. Creditors can issue new fees at their discretion. To combat new restrictions enacted by the government, creditors are just coming up with new hidden fees to generate profit. If you don’t know how your agreement has changed recently you are probably overpaying. An experienced debt advocate can help get unnecessary fees removed from your balances.
5. Credit card companies don’t want you to know you can lower your balance. There are many programs and rights that you have as an individual that can remove late fees, reduce or stop interest and substantially cut your principal balance. The banks will never disclose any of this to you, but with the help of an expert debt settlement professional the outcome can be life changing.