Most of us all have credit cards, and in some cases need these to survive during the tough times in real estate. You will not believe what happened to me...
I use one credit card for work purposes, but have two others that I retain in case of emergencies. I only use these once a year to keep them active, and pay off the bill when they come in.
One of my cards is at an interest rate of 7.99.. this is not bad as far as I am concerned. I used this card two months ago and got the bill in last month. I didn't set this card up to be paid electronically, because I only use it once a year. So I sent in a payment via mail... 12 days before the payment was due.
This month I got in the bill again, and was just planning on throwing it out. I figured it would just show what the amount owed was and that payment was received. But for some reason something told me to open it up to review. Thank goodness I did. They NEVER received my payment. So, I got slammed with a $15.00 late fee. I called and they removed the late fee, and I paid it in full electronically and they had it the next day. What REALLY bothered me was that the interest rate went from 7.99% to 38.45% interest rate.
My first question is.. is this legal? Question two, and more importantly, if someone is behind and couldn't make one payment, or if it was received late, or if they are struggling..and the interest rate jumps this high, how do the credit card companies expect people to pay them off? They are causing the public to go bankrupt.. aren't there enough problems without bringing this on? Aren't they just making matters a lot worse? I can see increasing interest rates some and even more if you are continuous late... but from 7.99% to 38.45% in one month? This is highway robbery!!
Info about the author:
Valerie Osterhoudt is a Cromwell Connecticut Residential Realtor who can assist you with the purchase and/or sale of real estate in the Middlesex County of CT, as well as the surrounding areas. Please visit me at www.CTrealtorMLS.com for all your relocation and/or local needs.
Valerie Osterhoudt, ABR - Johnson Real Estate, Inc. - 860.635.0387 #2 - valerierealtor@sbcglobal.net
Copyright © 2008 By Valerie Osterhoudt, ABR, All Rights Reserved...* CREDIT CARDS, ARE THEY DISTROYING THE FOUNDATION OF OUR FUTURE????*
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Valerie Osterhoudt, ABR
(Accredited Buyers Representative)
Is a Full Time Realtor® with with Johnson Real Estate, in Cromwell, CT who specializes in Homes and Condos For Sale in the Middlesex and Hartford Counties in CT.
Valerie Osterhoudt, ABR ~Johnson Real Estate, Inc.
cell: 860.883.8889
email: Valerie Osterhoudt, ABR
website: www.CTrealtorMLS.com
