|
SolveYourProblem.com
Article Series: Debt Relief & Debt Consolidation
I Want To Get
Rid Of My Debt...NOW!
The
Liars and Scammers
of the Credit Card Industry
In the world of credit cards, there are plenty
of people who are desperate to borrow money, and just as many
people who are desperate to get back out of debt again. Given
that, it’s not surprising that the industry is full of scams.
Here are some to keep an eye out for.
The Insurance Charge.
Here’s one that even the most reputable lenders go in for
– trying to sell you useless insurance. This is usually an
insurance premium that is automatically added to your interest
each month, and covers you against very unlikely things, like
dying and not being able to pay back your debt. It is almost
never worth ticking the box to buy insurance.
The Debt Advisors.
Be very careful if you’re offered ‘free debt advice’. There
are many government bodies, legitimate financial companies
and charities that give good advice, but the ones who do a
lot of advertising tend to be owned or partnered with people
you don’t want to know. If the advice you get is to sign up
for another loan from one company in particular, don’t believe
it – the chances are that the person you’re talking to is just
a salesman in disguise.
The Identity Thieves.
If you don’t keep track of your credit card statements and
your credit report, then you could be in for a surprise. It’s
not that hard for someone else to apply for a credit card,
pretending to be you, or to get the number of a card you already
have and start buying things with it. Then, of course, they
get free money, and you’re left with the debt, not to mention
the black marks against your name when it doesn’t get paid
back.
The Catalogue Card.
This is a scam that’s especially common around Christmas time.
A company offers you a ‘credit card’, with a much higher limit
than you’d usually qualify for. The catch, of course, is that
you can only use it to buy things from their catalogue, at
inflated prices. This is nothing but a clever way of offering
you expensive finance on purchases from them.
The Only Game in Town.
More exploitative lenders might realize that they’re really
the only company that’s going to be offering some people any
credit at all. They’ll send offers to desperate people for
absolutely terrible deals, with the highest interest rates
they can get away with, and no benefits whatsoever. These people
will accept the offer without even reading it, relieved that
finally someone out there offered them credit – and their debts
get even harder to ever pay off.
The Secured Card.
A secured card is one that requires you to make a deposit
before you can use it – a deposit that can sometimes be as
much as the limit on the card itself. Secured cards can be
a good way of rebuilding your credit when it’s all gone wrong,
but don’t take one from a lender you’ve never heard of. With
more unscrupulous companies, you will often be charged an annual
fee, an application fee, and any other fee they can think of,
all of which are added to your debt. Don’t let it happen to
you.
Click here to discover my current SolveYourProblem recommendation and choice pick for the fastest, easiest and best debt relief solution you'll find anywhere. Get it and reward yourself with more cash in your pocket.
# # # # #
by SolveYourProblem.com
: 2006
> Home > Debt
Free Articles: Main Page
|
