Credit Card Fool

We allow the credit card industry to produce fools of us and we do nothing about any of it. If someone told you that you were being made a of, wouldnt you address the matter? I know I would.

Creditors have revenue of $76.03 million dollars and the majority of this revenue arises from late penalties and over limit and advance loan fees. $29.2 billion came from late charges, $15.2 billion from over borrowing limit fees and $3.04 billion from advance loan fees. This volume is 62% of the creditors revenue and this does not include financing charges. Great income!

The aforementioned may be the reasons why credit card companies are able to mail more than 5 million credit card offers per year. Personal Money Network Offers Cash Advance Regardless Of Credit Score includes further concerning the reason for this concept. This equals to 6 gives per family per month. Maybe the $2 billion in postage alone is really a reasons why our government does not research the bank card industry seriously.

Every bank and retailer wants one to have their credit card. Having their bank card enables them to make large profits. In 2001 both Sears and Circuit City reported that over half their corporate earnings were from financing associated revenue. Do you think this could be the reason why merchants always have an employee at the front end door of the shop giving you to register because of their bank card and in return you be given a special gift or additional so called discount? Most special gift ideas and additional discounts wind up costing more than to you the original purchase due to financing charges.

I may maybe not manage to face these companies that are attempting to create a fool of me, but I could react by assuming that Cash is King and using cash as opposed to credit will save you me money in the end.

Personal money management and their a New Year ought to be at the top of your list for 2006..