If you carry credit cards, the answer may be “your cash”!
Although it’s no secret that the use of credit has been detrimental to the consumer’s pocketbooks, what generally is a secret is the way the credit card companies slowly extract that cash from your pocket while making you feel good about it.
Case in point: balance transfers! While many time the company will “allow” you to borrow money at 5% or 3% or even 0% for a fixed amount of time, they know the average person cannot pay back the transfer within that time and will rack up higher than normal interest charges and no grace fees, as well as outrageous transfer fees.
Former MBNA insider blows the whistle on Balance Transfers
In the future, I will highlight other tricks of the credit card trade and how to avoid getting taken. If you have any suggestions for topics you would like to see covered, please be sure to send an email to scott@nwiloanguy.com.
Scott
Be sure to visit my website for more money saving (protecting) reports. In need of a loan? Look no further. We offer conventional, FHA, VA, USDA financing for individuals and residential and commercial financing for investors.
