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Avoid bad credit cards
An Consumer Reports investigation, detailed in its November 2005 issue, reveals how the credit card industry is stacking the deck against the consumer.
Consumer Reports is outraged by how consumers are being treated. You should be, too. The examples of predatory practices are appalling. Consumer Reports cites the following:
= To punish credit-card holders who are late in making payments, some card issuers are charging interest rates in excess of 30 percent.
= Cardholders are being charged as much as $39 for simply going over their limit.
= Credit-card companies have reduced minimum payments. It might look like a good deal, but it essentially increases the consumer's debt.
= To entice customers, certain credit-card companies advertise a low introductory interest rate. Surprise, surprise -- the rate is only applicable to the transferred balances.
Staying out of the grips of the credit card companies will take some planning. Here are some tips from Consumer Reports:
Finally, if your complaints aren't dealt with, get in touch with your state Attorney General. Check out www.naag.org for contact information.
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