Credit Debt Trap #7
By Mike Wayman
Trillions of dollars are made off the backs of Americans everyday. Debt is perhaps one of the best ways for people to rake in billions, especially from people that have the worst credit. It should make sense that if you have bad credit that you’d be considered a bad credit risk and that executives at major credit companies would want to learn how to avoid extending credit to the credit challenged. Doesn’t it make sense that the credit challenged offer the worst possible return on credit? This is, unfortunately, not the case at all. In fact, its actually the opposite.
The people with the worst credit represent the most income to a major credit issuer. Late fees, high interest rates and penalties are easily assessed to people with sketchy credit and the credit companies are well aware of this. SO, does this mean that credit card companies are hoping and praying that you won’t pay off your balances in full or make minimum payments on time? I would venture to say “Absolutely Yes!”
Credit issuers don’t care about you personally and neither do the debt collectors you are “sold to” after the credit issuer realizes there’s nothing else they can get from you. The moral of the story is be very careful when applying for credit if you have a less than perfect credit history. You may very well want to consider credit repair before you apply for new credit to avoid debt traps.
Credit Card Debt Trap #2
By Mike Wayman
If you’ve saw the last post about credit card debt traps you’ll understand how easy it is for credit card companies to take hold of you financially and absolutely ruin your credit and your pocketbook. This series is dedicated to exposing some of the most common debt traps so that consumers can avoid paying thousands of dollars in interest payments to their creditors and also avoid bad credit.
Understanding the modus operandi of the major credit companies is one of the first steps in avoiding credit card debt traps and avoiding bad credit. The real problem is that most people don’t know they’ve been scammed until it’s too late. You can avoid credit debt traps but some people may need help or advice. Call us any time if you need help with a credit debt trap or if you want to know if you can get some of the bad credit removed from your credit report due to a debt trap.
