Wednesday, June 15, 2011

Credit Card Dangers

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My credit card bill came today. It was obvious when I looked at the statement that my check had not arrived on time. I was charged twenty five dollars for a late fee. In addition to the late fee, I was charged an extra twenty five dollars because the late fee put me over my credit limit. Developing a monthly budget, and sticking to it, will save you money each month. Keeping track of the money you spend each month on expenses and entertainment will help you curb spending urges and will eliminate credit card hassles. Using credit cards to purchases items are convenient but have become costly and dangerous.

Credit card companies entice you to spend, but read the fine print. They usually offer low introductory rates, but the actual rates are applied after a certain time period. A card with an introductory rate of six percent may be appealing to anyone thinking of applying for a credit card. After the introductory rate period has expired, the interest rates on purchases you have made are considerably higher. A yearly fee of up to sixty-five dollars can be charged to your account, and the fee adds to the payment that you pay each month. If your balance is not paid in full each month, you will be charged interest from the day purchases were charged to your account. Some card issuers charge two months of interest for the first month your balance is not paid in full. If your balance exceeds your set spending limit, charges will be applied for going over the limit set by the issuer. Obtaining quick cash from an ATM machine results in additional charges that are added on to your statement. For example I recently got quick cash from an ATM machine to have lunch with my daughter and grandson. I was charged a five dollar fee for using my credit card. If I would have read the fine print before I used the card for cash, I could have avoided the fee.

Imagine finding yourself unemployed or hurt in an accident, which left your finances low or almost nonexistent. If you are unable to make your credit card payment, the company will report the delinquent payment, and it is posted on your credit report. Although, there may be a good reason for the payment not being made, they are not concerned as to why you cannot make your payment, only that you send the money as soon as possible. For example A person bought an insurance policy from a company that would make the payment in case they were unemployed. The insurance offered, was through the same card issuer that you owe the payments to. Until payments have been made to the company from the insurance, the company will be persistent and call daily. The person has paid money each month to have the insurance for these situations, but the insurance company is in no hurry to pay the payment. While waiting on the insurance company, the card issuer is adding late charges of up to twenty five dollars for each month the payment was not made. As a result of these situations, you may be unable to finance or borrow money through lending institutions.

At least one thousand people every day fall victims to identity theft. Many people are not aware of fraudulent activity until they try to obtain another card or get a loan. The financial liability is fifty dollars, but the losses will include time and effort to resolve the problem. The individual may need extensive documentation to remove the items from their credit report. It may take many years to clear up fraudulent charges made by thieves. Personal details can be copied from your card and used to make a counterfeit card. Here are some ways that identity thieves work. They open a new credit card account by using your personal information. They call your credit card issuer pretending to be you and change the mailing address on your credit card account. Then, the imposter runs up charges on your account. Because your bills are being sent to the new address, you may not realize there’s a problem.

Custom Essays on Credit Card Dangers

Credit cards are convenient for quick purchases and paying bills. They are accepted by most merchants and billing companies. Using credit cards are an easy alternative to writing checks or carrying cash, and reduce the cost of check fees at the bank. Some businesses do not except checks, so credit cards are helpful in this situation. Ordering merchandise over the phone, and on-line, saves time. For example We recently ordered gardening supplies from Spring Hill Nursery in Ohio. The merchandise was shipped immediately after the number was verified. If we would have had to pay by check, it would have taken up to six weeks for delivery. By ordering through the mail, we could have saved the high interest fee.

There are incentives for applying and using credit cards. Some companies offer airline mileage, discounts on travel, electronic gifts, discounts on car purchases, or cash rewards.

The benefits you receive from using the card are worth a certain percentage of the charges that have been posted on your bill. You can earn membership reward bonus points for every dollar you spend. The points earned have no expiration date, and there is no limit to the number of points you can earn. For example Applying for and using an H-D Visa credit card may allow you to take advantage of winning a Harley Davidson motorcycle. For every dollar you spend using the H-D Visa card each month, you will earn one entry into that months drawing. You must be careful and keep track of the money you’re spending just to win a motorcycle.

Card holders can obtain quick cash at participating merchants and ATM machines that have the logo on your card. If there is an emergency that requires cash on hand, you would be able to access the cash needed anywhere that offered the service. For example Your car breaks down while you are out of town and the mechanic only takes cash. It could be a godsend, but people need to use it wisely and consider the cost. Remember, obtaining quick cash adds up and will result in higher finances charges.

Even though the convenience of credit cards is a great attraction to many people, the dangers far outweigh the benefits. Credit card debt is easy to acquire, and may become an unmanageable situation. Your credit rating could be ruined if you have an unfortunate situation that makes you late or delinquent on a payment. A bad credit rating listed in the credit bureau is difficult to overcome. By having a monthly budget and carefully assessing what needs to be paid, you will see there will be more to save in the long run.

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