What Credit Card Companies Don't Want You To Know - Credit Card Debt Reduction
You might have a grim idea about the revolution brought about the credit cards and
the immense change in the financial system around the world due to it. But, few people realize that a huge percentage of the population is getting addicted to these plastic cards and taking debt for normal shopping even if he has cash. This practice has been injected into the people with attractive offers and marketing strategies. Here are some hidden facts regarding credit card debt reduction that the credit card companies do not want to convey to their customers:
a) Even if you are a regular customer with good reputation, even a single late payment is not relieved. Your credit ratings are harshly treated and the interest rates start fluctuating immediately.
b) You might not realize but the figures of the people who delay their payment just by giving the minimum fee is really huge. For you as an individual, it is very easy to just pay the minimum payment and flee the charges. But statistics have shown that the revenue collected by the banks from customers in the form of minimum payment is more than thrice of the principal amount.
c) There are hidden norms according to which your credit interest rates might be altered overnight without prior information causing you huge loss.
d) Another petty income for these credit card companies come from late payment fees. You hardly realize the extra amount you pay as the time gap given in between is long.
e) You might have heard of many different reward programs, but surveys have shows these programs are an utter waste. There are very rare chances that you will get a lucky draw, over that the prize or the present associated will be cheap and uncalled for.
Many studies have revealed that these credit card companies play with the brain of the customers and compel them so that they have an option in mind. So, if you are really aware of all these factors, start checking your spending and go for credit card debt reduction without delay.
It would be wise to not go directly to a debt settlement company but rather first visit a debt relief network. The top debt relief networks only allow debt settlement companies into their accredited organizations that prove a track record of successfully negotiating debts and have also been certified. They are free to use and offer helpful debt relief advice.