Posts Tagged ‘card debt’

The Evil Effects Of Compounded Interest on Card Debt

Credit card interest can be compounded daily or monthly, which means card debt can easily get out of control if you have a high balance and high interest rates.

Most charges are computed daily, i.e. compounded daily. To calculate the daily finance charges, credit card companies multiple the daily balance by the periodic rate. This daily finance charge is calculated on a daily basis and the result is added to the outstanding balance.

Keep Card Debt Under Control – Avoid Late Fees

Your credit can be ruined if you are constantly missing payments or are paying your credit card bills late.  When you miss payments, fees and penalties add up fast. Card debt can get out of control fast to the point where you won’t be able to even pay the minimum  payment. 

To make sure this don’t happen to you, you should always pay your bill on time; always avoid missing a payment.  If you can’t pay the entire amont due you should always pay the minimum payment amount.  You may be able to pay more later.  When you have more money, you may be able to send in an additional payment later in the month.

Card Debt: Credit Card Trickery – Not a Halloween Matter

This year legislation was passed to ban certain billing practices by credit card companies.

Now they have created new ways to trick consumers.

According to The Wall Street Journal,  “ some of the biggest card issuers in the U.S., including Citigroup Inc. , J.P. Morgan Chase & Co.and Discover Financial Services , are already rolling out a slew of fees designed to recapture some of their lost income, in part by skirting the new rules. Some banks may even be violating the law outright, say consumer advocates.

You can read the complete story here